a few IVA questions.

Tom28

will the monthly payment increase if my earning do?

at the end of the agreement (5 years?), do they take any equity you have in your home?

does it totally ruin your credit rating? ie: could I remortgage in 2 years, and are furthur loans a distant dream?

will it affect my wife's credit rating?

nickj6

hi i'm 3 years into my iva and as my pay goes up every year so does the cost of living. hope that helps

moxie_2

No it doesn't really answer the question, which I am interested in as I am thinking about an IVA. Do you mean that they take the fact that the cost of living goes up as read and so even if you are lucky enough to get a mega pay rise (unlikely) or get promoted, your payments into the IVA stay the same?

CLAPTON

an IVA is an individual agreement so it rather depends upon your specific agreement

but often you would have to declare and loose either some or all of any bonuses and there is usually a yearly review (upwards not downwards)

there is often a clause that requires equity release in year 4 (usually by a remortgage)

your credit rating is short to pieces but you can usually still get a mortgage although you may have to pay over the odds. the IVA stays on your credit file for 6 years but why would you ever want any more credit (except the mortgage of course)

if you have no financial links to your wife then her credit rating would be unaffected ..but joint a/cs or joint mortgage would create a link.

nickj6

with my iva i submit my pay statements annually i'm in the forces and my pay goes up by roughly 80quid a year though i have recently been promoted and was able to increase the costs of other things to cover the extra pay