Is there such a thing as a one off IVA payment

[klr]

Is there such a thing as a one off IVA payment? We have someone coming round to our house to speak to us. He said one option is to release the equity in our house and pay off in one go all our creditors.

Are there bogus companies out there, what should we look out for? Are there are questions we should ask him to prove he is genuine?

Also, do you know if we will still be able to get a bank account and mortgage in Australia as we are thinking about moving over there to live. Will doing an IVA harm our chances of applying and getting bank accounts, etc?

If we do this one off payment how long will our credit rating be damaged for?

Thanks very much.

[Adam Davies]

Hi
Yes you can indeed offer a full and final IVA to your creditors.This will be put forwad by an Insolvency Practitioner so you have no worries about bogus companies,however if you are going through a debt management company then do not pay any money upfront in a case like this.
You will have to get a mortgage offer before an IP can propose your offer.
An IVA will stay on your credit file for six years from the time that it is agreed by your creditors.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

I would recommend that you take your Supervisor's advice with regard to equity release in the first instance. Beware companies who may look to charge you high fees for arranging the mortgage, as this is ultimately money which could be made available to your creditors.

It is unlikely that having been in an IVA will stop you from having a bank account or a mortgage in Australia.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk