does having an iva affect your credit rating?

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kathie.4
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by kathie.4 » Thu Jan 14, 2010 9:42 pm
does having an iva affect your credit rating?

 

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Shining
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by Shining » Thu Jan 14, 2010 9:51 pm
Hi kathie and welcome to the forum.

An IVA will stay on your credit file for 6 years after the date of the acceptance.

Are you in an IVA or just thinking of looking into arranging one?

 

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kallis3
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by kallis3 » Thu Jan 14, 2010 10:53 pm
I'm afraid that your credit rating will be shot.

If you are thinking of an IVA, I recommend that you take professional advice. Visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.

 

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briggadeen
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by briggadeen » Fri Jan 15, 2010 8:38 pm
hi kallis
I understand our credit rating will be shot while we are in the IVA arrangement but once it has been completed is it true that we will return to a credit rating of an 18 year old who has never had credit before?

P.S. This was how it has been explained to me?

 

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PELDER
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by PELDER » Fri Jan 15, 2010 9:14 pm
You can check your credit rating for free on several websites just by googling 'credit rating' then take your pick. I use the 'credit expert' website myself - also the excellent and savvy Martin Lewis should have his website bookmarked by everyone who wishes to acquire a bit of financial nous - as most of us are here because we didn't apply any !!

 

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kallis3
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by kallis3 » Fri Jan 15, 2010 10:52 pm
Once an IVA is completed, you will need to check your credit records and make sure all defaults registered after the IVA is approved have been removed.

You will then have to build your record up again. Keeping your bank account up to date, mortgage, mobile phone contracts, they all help.

Pelder, I'm afraid I don't share your enthusiasm for Martin Lewis at all. He doesn't rate IVA's and some of the information on his site has been noted as being incorrect.

I use the free Annual Credit Report and think it is very good. OK, it's only updated once a year but it doesn't really matter when you are in an IVA.

 

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Adam Davies
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by Adam Davies » Fri Jan 15, 2010 11:02 pm
Hi
Worth remembering that many people find themselves with unaffordable debts because of a change in circumstances, job loss, illness, marriage failure, business failure. There are not many that have simply borrowed because they hadn't considered how they would afford repayments
Regards

 

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Shining
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by Shining » Sat Jan 16, 2010 9:16 am
Absolutely Andy well said x

 

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Skippy
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by Skippy » Sat Jan 16, 2010 2:48 pm
I know that Martin Lewis doesn't rate IVAs, but if you can ignore that I have to say I like his weekly email - I find out about a few freebies from it!

 

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Shining
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by Shining » Sat Jan 16, 2010 4:09 pm
I've been subscribed to his email for a while, don't visit the site but do like to know what's going for free or at a much reduced price.

 

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PELDER
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by PELDER » Sat Jan 16, 2010 7:57 pm
I regard Martin Lewis as a true champion of the consumer and he appears to speak quite candidly about IVA's in my view - he doesn't appear to be vehemently against them unless I'm missing something somewhere. In fact he suggests that an IVA may well be the solution for people who are in debt to the tune of 20k or more! What he does stress however is that every other conceivable avenue be investigated before committing to an IVA as he is aware of it's pitfalls and that there is no easy fix to indebtedness as implied by the advertising tactics used by some IVA companies - and these are observations I can only concur with.

 

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kallis3
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by kallis3 » Sat Jan 16, 2010 7:59 pm
I'm still not impressed with his views on IVA's, but each to his own with their opinions.

 

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Skippy
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by Skippy » Sat Jan 16, 2010 8:28 pm
Well I'm easily pleased - a free lip gloss or cheap meal and I'm happy!

Shallow? Moi?

 

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kallis3
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by kallis3 » Sat Jan 16, 2010 8:34 pm
[:D][:D][:D]

 

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Cath
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by Cath » Sat Jan 16, 2010 9:18 pm
I read Martin Lewis's site many times when I was wondering what to do. I believe he does give good advice and he doesn't like IVAs due to fees but when you are in the debt spiral, there are 3 options which one needs to consider to try and resolve the problem and IVA is one of these, reagrdless of fees....finding a good IP is something which he doesn't speak about. There are too many rogues out there.
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