www.iva.co.uk

Hi All, no posts for a long time from me although I look in from time to time.

A friend and work colleague was the only person I told about my IVA outside close family. I had to do this because I was a signatory on a work bank account. We had to apply for an additonal account due to operational reasons and I was dismayed to find that the bank wanted home addresses of all signatories on this additonal account and as I was sure this would scupper me (upon refusal due to credit rating) I took her into my confidence and between us (she) managed to persuade another staff member to be the other signatory (there are only 3 of us and 2 are required) and I was removed from the banks records.

Now a problem is looming - although I am nearly at the end of all this thankfully, my colleague wishes to retire and the same situation will arise I'm sure.

I helped her with a fairly large lump of compensation and she has generously offered to do a full and final (even though my payments are not much left at £434 per month) in order to help my credit rating repairal to start sooner assuming this has that affect.

Is this the case? Can anyone estimate how long this will take? I have a mobile phone account that I pay (by debit card) every month and all the usual insurance payments but thats about it...

As far as I'm aware your IVA will remain on your credit rating until 6 years from when your IVA originally commenced, regardless of when any F&F offer is offered/accepted, so it won't make any difference.

I may be wrong, but I thought that was the case.

An IVA will remain on your credit file for 6 years from the date of approval, regardless of when it completes but it will show as settled upon issue of your completion certificate.

You can find some further information here http://www.pjgrecovery.com/clean-up-credit-rating

Oh...

Have to think of a plan B then in that case.

Also, if you've only got 4 months to go, typically F&F offers take 3 months to be progressed anyway (I submitted all the documentation for mine in mid August and my creditors meeting is this Wednesday), so timescale wise no real point going down that route.

Thanks all