IVA/Credit Rating

[CrazyDaisy80]

If I entered into an IVA with a Creditor, would it show on my Credit Rating??
Thanks,
CrazyDaisy80
xXx

[Buenchico]

Quote 1:
"Records of IVAs are kept on a public register. To find out if someone has an IVA, records can be searched by anybody including members of the public either in person, by post or by fax."

Quote 2:
" Records of IVAs are held for six years on credit reference agency files."

Source:
http://www.nationaldebtline.co.uk/england_wale s/factsheet.php?page=26_individual_voluntary_a rrangements

Basically, if you enter into an IVA you can assume that you will not be allowed to enter into any new credit agreement during the course of the IVA.

Remember that you can only set up an IVA through an Insolvency Practicioner who may well require 'up front' payment of his/her fees. These are usually at least �4000 and you won't get that money back if the courts (or the creditors) don't agree to the IVA arrangements. (i.e. you risk ending up even worse off than when you started).

Chris

[CrazyDaisy80]

Thank you for that Answer, that is what I thought so I am gonna do it myself!!!!

[Kathyan]

Try Myvesta for information. They say never pay up front for an IVA. Their fees should come out of what you pay back to the creditors. [edit ABED] 

I have spoken to the guy who does the videos on this site and he is really helpful and a very nice person too!