currently considering an IVA

[jar-analyst]

Hi,
Myself and my partner are currently considering an IVA. Can you confirm whether or not, by agreeing into an IVA our credit rating would be affected? Also, how long does it usually take for an IVA to be set up?
Many thanks

[Oliver]

An IVA would show as an adverse mark on your credit file for a period of 6 years from its start.

An IVA will generally take between 3-8 weeks to set up.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva_squirrel]

Hi jar-analyst and welcome,

An IVA takes between 3 to 8 week to be set up and your credit rating is affected for a preiod of 6 years from its start.

Regards,
Michelle P.

[Keepingmyheadabovewater]

yes it will be you cant get things like telephones or mobile phones on contact or virgin media etc etc while on a iva but if you get things now thats not a problem but be rember you will need advice from a ip advisor on what money you have left to play with each money and if the creditors are going to get a good deal and depends on what your debts are i am doing a iva now been on it for 12 months now while on a iva you are reviewed every 6 months and you must send wage slips in every 6 months get statments from you ip if theres any problem there only to good to help you though this you must cut up credit cards thats a must must any loans less then 6 months old some creditors may say no if the debt is over 12 months old they should be ok and get the 75% of votes in to go for it also if you do overtime your creditors will want 50% of that at net pay but i think people who are doing ivas are doing the right thing i hope this helps if you need any more advice please send me a message though here

[aguise]

Hi there jar-analyst
My husband and I both have iva's a joint as such, with just one payment for both. At present things are great and so much more stress free than before. We are not well off but at least the terrible struggle of trying to keep our heads above water is gone. As for credit persnally I dont want any anyway, but as john says once in you will find it difficult to get certain things like phones etc. We have virgin media but had it before so nothing is changed and you pay in advance for it anyway. Our iva took about 7 weeks from the first phone call to acceptance. The quicker you are at gettiong the info the faster things can move and also check a couple of companys at least. The ones on this site would be a good start. I explain a lot in my blog of how things went.
Hope this helps

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Keepingmyheadabovewater]

THANKS ANG I WOULD ALSO LIKE TO ADD WHILE ON A IVA CREDITORS DONT LIKE PEOPLE IN DEBT TAKING OUT PRIVATE PENSIONS WITH BANKS OR SAVINGS ACCOUNT THEY DONT LIKE IT AND CAN BREACH YOU FOR IT YOU HAVE 3 BREACHS ON A IVA FOR 5 YEARS IF YOU BREACH YOU ONLY HAVE 2 BREACHS LEFT IF YOU USE THEM UP THEY WILL FILE FOR BANKRUPTCY BUT DONT BE PUT OF BY THIS IF YOUR BANK IS A CREDITOR YOU WILL NEED TO GET A NEW BANK ACCOUNT AS THEY CAN DO A DIRECT DEBIT FROM YOUR ACCOUNT
GO TO
www.thinkbanking.co.uk
IF YOU NEED A NEW BANK ACCOUNT ONCE THE IVA IS SET UP AND YOU COMPLETE IT IN 5 YEARS OR LESS WHAT EVER THE OUTSTANING AMOUNT OF UNPAID DEBT IS WRITIN OF IF SAY YOU ARE IN YOUR 1ST YEAR OF A IVA AND LOST LOST FRIEND HAD £10.000 LEFT TO YOU AND YOUR DEBT WAS £30.000 YOU WILL NEED TO CONTACT YOU IP RIGHT AWAY AND PUT THAT £10.000 TO CREDITORS TO SEE IF THEY WILL ACEPT THAT AS FULL AND FINAL PAYMENT IF THEY VOTE YES THEY IT COULD TAKE 1 MONTH AFTER YOU SHOULD THEY GET YOUR DISCHARGE PAPERS THEN YOU NEED TO CONTACT EXPERIAN TO UPDATE YOUR CREDIT FILE

JOHN

[aguise]

Hi John
I am with thinkbanking also and can do nothing but praise the ac.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Keepingmyheadabovewater]

THANKS ANG I BANK WITH NATWEST THEY HAVE NO PROBLEM WITH IVAS ASLONG AS THEY ARE NOT A CREDITOR



JOHN

[Keepingmyheadabovewater]

ANG IF I CAN SAY SOMETHING I WAS ON THE DMP WHEN I WAS ON IT CREDITORS PHONED ME UP AND PHONED MY WORKS UP SENDING TEX MESSAGES SAYING THEY HAVE HAD NO MONEY GETTING CALLING COLLECTION CENTRES PHONEING ME CREDITORS WILL TRY AND PUT YOU ON A PAYMENT PLAN WHICH YOU COULD TAKE YOU 20 YEARS TO PAY IT OF SO I THINK THAT BANKS SHOULD GO FOR IVAS BECAUSE THEY WILL BE GETTING SOMETHING BACK WITHOUT TAKING LEGAL ACTION AGAIST YOU

JOHN

[aguise]

Yes John iva's are a better option for some a dmp is a good option if you need a break from payments for eg an illness until your income maybe returns to normal, or if you dont owe that much or if you want to wait for the sivas if you have majority creditors which are being difficult at present. I do think the banks and creditors should look at all individually everyones circumstances are different, wht seems unfair is having the set criteria tha immediately excludes someone from a yes vote.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Keepingmyheadabovewater]

SAY ANG HAVE YOU HEARD THAT NATWEST ARE CLOSING BANK ACCOUNTS DOWN FOR THOSE PEOPLE DOING IVAS

JOHN

[Skippy]

Be wary of banking with Natwest - there was a post on here a while ago and it appears that they have closed the accounts of some people in IVAs, even if they weren't creditors.

Can I also say you CAN have a savings account whilst in an IVA and it's a good idea for somewhere to keep things such as car allowances etc. Obviously you can't have loads of money in the account, but providing it's money you are allowed to save there shouldn't be a problem.

Pensions are a grey area - some people have been allowed to keep them while others haven't. I was allowed to keep my company pension, which is actually a private pension with Scottish Widows who are part of Lloyds TSB.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[aguise]

Yes John it would appear they are and so are others first direct and hsbc I think. Put Natwest closing accounts in the search and the posts will come up. Might be advised to change your account and save any problems.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Keepingmyheadabovewater]

skippy i have a cash isa with natwest will they take this into account and have my salary paid into my account with natwest

JOHN

[Keepingmyheadabovewater]

hi ang i would have to go though a credit check and i will get turned down because of the iva i will have to inform my ip about this so far natwest are very happy with me have my salary paid into there plus i have a cash isa with very little money in there i will keep every body informed about this i might even phone natwest up saying a friend wants a bank account with them

JOHN