www.iva.co.uk

Morning all,

I have asked questions on this forum before and have found it to be an excellent source of information. My circumstances have changes since last posting, along with my username as previous I was asking question for myself and partner as a couple.

Anyway, the situation has now changed I am going to be living on my own with my two small children, I have no job at present but am actively seeking employment.

I have been advised that a full upfront settlement may work for me. As at the moment of have no way of paying any monthly amount. My parents have agreed to pay the requested amount for me (bailing me out again [:I]). I had never heard of this and wondered if anyone had any personal experience of this. Also I was wondering what the implications of this are. Does it still stay on my credit rating for 6 years, not that I ever want credit again, but I would like to buy a house at some point.

Thanks in advance for your responses.

Thanks

Jo

Sorry didn't make it very clear.

I owe, just over £20,000 and would be making a one of lump payment of £10,000.

Thanks

Jo

Yes this could be an acceptable proposal to your creditors if you currently have no disposable income.

If accepted the IVA would remain on your credit file for 6 years from its start date. This in itself would not automatically preclude you from getting a mortgage but you would need to have an income and also a deposit for the property.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hi Jo-eph,

If you dont have any disposible income i would try and offer the £10.000 to creditors. And yes it will still remain on your credit file for 6 years.

Regards,
Michelle P.