Adverts for other sites and/or companies will be deleted
How does it affect my family
Hi, just found out about IVA's and it seems the perfect solution for me, however can anyone answer me how it will affect my familys credit history.
My daughter is just starting to look for a house with her boyfriend and I would be devistated if she was turned down credit because of my stupidity. Also my husband does not know the extent of my debt and I just cannot bear to tell him. Would he have to know? Please help me.
IVAs
IVAs are set up for people who are over 15,000 in debt. What they are is a binding agreement between your creditors and yourself that you will repay what is owed. You can usually repay your creditors in 5 years with and IVA. The creditors have to agree to an IVA for it to start. You should contact the Debt Advice Trust Hotline at 0800 954 6518. The friendly professional debt counselors can address your concerns and help you find the best solutions to your debt situation.
IVA
Hi Debra
The best place is to scan through the DAT site, there is quite alot of info on the site coveribng all aspects of the IVA process, alternatively give the DAT a call, their counsellors will provide indept knowlege about IVA's and will determine the best course of action and see if an IVA is the best solution for you
IVA's
Thank you DMurray and I have been wandering around the site to look at what is here. It's been informative and helpful.
IVA
I would like further information on IVA's or websites that will tell me more about them.
Hi Firstly the IVA will not
Hi
Firstly the IVA will not affect your families credit rating, only yours and that is only for tghe duration of the IVA and approximately 12 months after, so all in all 6 years. You will need to discuss this with youtr husband. It is better to clear the air and view the IVA as a fresh start.
IVA and your Credit Rating
I was wondering if your credit rating increased after getiing the IVA? I know that paying your debt down will increase your credit rating. Closing a credit card account lowers your score. If you pay the credit card debt down you should leave the account open.