www.iva.co.uk

Hi.
I have a f&f offer going to my creditors on Friday. If accepted, what happens next? Will my credit still be shot for what would have been the remaining 3 years?
Thanks

After you make the lump sum paymant the usual closure procedures will start. Depending on who you are with it can take between a couple of weeks to 6 months to produce your completion certificate --- until this is issued you are still in the IVA, although not making payments. Three months after the certificate is issued you will come off the Insolvency Register. Your IVA and defaulkts will remain on the credit files until the 6th anniversary of the start of the IVA, regardless of early closure.

As Foggy says your credit record will show all the adverse information for the full 6 years so it will still have an impact. Where Mortgages are concerned for instance there are some specialist Lenders who may look to lend before the full 6 years is up but you would require a large deposit, minimum 25 - 30%.

Regards

Thank you both.
I have a mortgage already and tied in for a few years yet. Mainky just weighing up the benefits of paying it off early. Are there any??

Benefits of closing early with a F&F are, basically, getting your IP out of your life. Overtime, bonuses and pay rises will be all yours. Any windfall or inheritances after completion will be yours.

Fab, thank you. Definately worth it then, fingers crossed it gets accepted!