what are the chances of getting credit

[Lesley_x]

We are entering an IVA which we are going to pay in one lump sum,how soon after can we apply for credit and what are the chances of getting it

[kezza]

Hi Lesley

Your iva will stay on file for 6 years from start date, no matter how soon you finish it,
Why on earth after getting yourself out of debt do you want to jump back in????

[Lesley_x]

I have never in my life lived in council property or claimed benefits and I don't intend on doing so now.I want to apply to start up a new business so I can earn my own money.Obviously I have learned from my past mistakes.If I dont pick myself up and do something I will end up another government statisic and Im afraid I don't want to sink any lower than I feel at the moment.

Hi Lesley

Your iva will stay on file for 6 years from start date, no matter how soon you finish it,
Why on earth after getting yourself out of debt do you want to jump back in????

[go_4_broke]

Hi Lesley

Once you have completed your IVA you should be debt-free and there is nothing technically stopping you from obtaining further credit. Whether anyone would give it to you or not is another matter, not least because of what kezza says above. Your best bet might be to release equity from property in the form of a secured loan or remortgage, if you have any left after the IVA of course.

If you are able to offer a lump sump could you do a deal with your creditors directly? Some actually seem to prefer this, see discussions on MBNA elswehere in this forum. You would also be potentially saving yourself £2-3,000 in IP fees, allowing more for distribution to creditors. This would have a potentially less damaging effect on your credit record as you would require your creditors to mark all your debts as 'satisfied' as part of the deal.

I am trying to start a new business myself, basically on fresh air. It's amazing what you can come up with, with a bit of lateral thinking.

-Best

'5 years sticking my head into the Lion's mouth of debt !'

[Lesley_x]

Thank you for your reply.It answers my question instead of lecturing me.I have been surrounded by negative people for so long I need some postivity in my life.Once the creditors are paid how will they mark this on my credit will it not say satisfied?Good luck with your business I wish you all the best

Hi Lesley

Once you have completed your IVA you should be debt-free and there is nothing technically stopping you from obtaining further credit. Whether anyone would give it to you or not is another matter, not least because of what kezza says above. Your best bet might be to release equity from property in the form of a secured loan or remortgage, if you have any left after the IVA of course.

If you are able to offer a lump sump could you do a deal with your creditors directly? Some actually seem to prefer this, see discussions on MBNA elswehere in this forum. You would also be potentially saving yourself £2-3,000 in IP fees, allowing more for distribution to creditors. This would have a potentially less damaging effect on your credit record as you would require your creditors to mark all your debts as 'satisfied' as part of the deal.

I am trying to start a new business myself, basically on fresh air. It's amazing what you can come up with, with a bit of lateral thinking.

-Best

'5 years sticking my head into the Lion's mouth of debt !'

[go_4_broke]

Thanks Lesley.

Once your creditors accept your offer 'in full and final settlement' they should mark the debt as 'Satisfied' on the credit record but there's no guarantee they will do this so you need to obtain an undertaking from them (in writing) that they will as part of any deal you make. Then you can 'remind' them if they don't.

Chances are you'll get 70% of the way there and some awkward so-and-so won't play ball but it might be worth a try. At least in that situation you've got some leeway over who gets what.

In the IVA it's all done on a strictly pro-rata basis so you just have to hope any awkward creditor will be outvoted.

Best of luck with it all anyway.





'5 years sticking my head into the Lion's mouth of debt !'

[kezza]

Hi Lesley

I wasn't lecturing you, it's just you hear about so many people wanting to jump sraight back in for stupid things, it's a great idea starting your own business!

Good Luck in all you do [;)]

[Lesley_x]

Thankyou Kezza, thinking positive at the moment is the only thing keeping me going.Remember everyone its not how far you fall but how high you bounce.I will keep you updating as things go on.

Hi Lesley

I wasn't lecturing you, it's just you hear about so many people wanting to jump sraight back in for stupid things, it's a great idea starting your own business!

Good Luck in all you do [;)]

[kezza]

Always think positive, no matter how bad things seem there is always a solution, the hard part is finding it! [88]

Onwards and upwards for a brighter future!

[Skippy]

Hi Lesley, good luck with your business plans, and I'm going to remember what you say - it's not how far you fall but how high you bounce. At the moment my bounce has gone, but I'm sure it'll be back!

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[MelanieGiles]

Lesley

The reality is that you will probably be able to obtain credit within the six months following the closure of your IVA.

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

[Lesley_x]

Hi you know for years I have looked after everyone else but myself, and told people think positive,but practicing what you preach is hard.Until this happened then you know all those people you looked after where are they?I read an article in the doctors surgery about cosmic ordering, which I thought what a load of rubbish then half watching the tv one night I heard Noel Edmonds start talking about it, so I thought I'II read the book(which I bought off ebay and saved £6.00)and one thing it does teach you is to stay positive and love yourself.Since adopting the attitude of the book things are looking much better,for one I asked for help and was guilded to this site which I have found to be my godsend.Good Luck everyone and think positive.

Hi Lesley, good luck with your business plans, and I'm going to remember what you say - it's not how far you fall but how high you bounce. At the moment my bounce has gone, but I'm sure it'll be back!

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[hellybelly]

I've always believed in asking for what you want, I'm not religious but there is something in this cosmic ordering.

But positive actions are worth so much more than a positive attitude.

It's great you're thinking of starting another business with the knowledge of debt now. More people should be rewarded for getting off their backsides and contributing to society and we all make mistakes.

Good luck to you

Helen
x

[Lesley_x]

Hi Helen thankyou very much for that.As children we are programmed to look after others and its very hard to get out of that way of thinking.I wish you all the very best in what you do and thank the universe for sending me yet another postive person,I really believe I will get through this and many of the other people on this site will do to.

I've always believed in asking for what you want, I'm not religious but there is something in this cosmic ordering.

But positive actions are worth so much more than a positive attitude.

It's great you're thinking of starting another business with the knowledge of debt now. More people should be rewarded for getting off their backsides and contributing to society and we all make mistakes.

Good luck to you

Helen
x