www.iva.co.uk

Hi all, my names Ant, I started my iva in October this year and have made 3 payments so far. Shortly after starting my iva I had some inheritance which has all be paid in. I am also being made redundant and have managed to get a better paid job meaning my redundancy will pay off the remainder balance and fee's and any start interest before my 4th payment is due to come out. I'm probably clutching at straws but I had no idea this would happen this year.

Is there any way my iva can be removed from my credit file early? I know it would show as complete but my credit score will still be impacted for the next 6 years. I understand it is about the circumstances I was in and not now but 3 months and all my debts plus fees will be paid off. Any advice would be great. Or could I even make a complaint? So far all of the advisors have been amazing so it's not a complaint about them, but maybe a complaint about how I could have been mis sold the iva.

First -- the redundancy and inheritance will have to clear the full original debt ( not just the anticipated IVA payments) and fees to close the IVA early.

The IVA will remain in your credit files for the full 6 years --- there is no way around this. \it is part of your financial history.

As you say, there was no way of knowing the inheritance or redundancy would happen when the IVA was started, so these cannot be cited as grounds for mis-selling.

Hi Foggy,

Thank you for the reply. The inheritance and redundancy will pay for everything 100p to the £ inclusive of fees and original debts.

Thank you I did think I was clutching at straws and the defaults on my record will be with me for the 6 years anyway. Hindesight is wonderful, had I of been able to predict this I would have held off for a month or so before proceeding.

Hindsight is, indeed, wonderful ! Over the next 6 years keep an eye on your credit reports to check on any defaults to make sure they are dated correctly --- on or about the date the IVA started, so they all drop off at the right time.

Yea I definitely will. I think I may keep some of the redundancy to get me through my MOT, and the first month of next year until I'm paid. Is this allowed? I know I'm better off speaking to my handlers but surely some can be kept back for the time being? It's less than 6months of my annual income.

You would have been able to keep some if you weren't starting new employment. Of course any surplus from the redundancy and inheritance will be yours.

Hi Foggy,

Thanks again for your help

Ant

Nothing to add other than to wish you luck in your new job. In the current climate to move straight into new employment which is better paid is an excellent achievement.

5 years and 8 months will seem a lifetime but I can assure you it will go quickly.

Sat Dec 05, 2020 4:26 amluluj wrote:

Nothing to add other than to wish you luck in your new job. In the current climate to move straight into new employment which is better paid is an excellent achievement.

5 years and 8 months will seem a lifetime but I can assure you it will go quickly.

Thank you luluj in a way I'm glad to hit to my credit rating will stop me from being so silly in the next 6 years and will help me save for a house instead.

Good luck Ajay - at least you're on the right track.

Thank you Kallis,

I think with just starting the iva, gaining inheritance and redundancy as well as starting a better paid job had just become so overwhelming. But I'm on the right track and think I made the right decision financially to get me out of a financial rutt.