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IVA or debt management plan?
sdow687
Posts: 1 Newbie
Which of these would have the least implications on my credit rating in the future?
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Comments
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An IVA has to be declared for life even though your credit record is cleaned up sooner.
See the Housing forum right now for someone with a clean credit record but unlikely to get the mortgage they thought was OK becasue they went BR 8 years ago.The person who has not made a mistake, has made nothing0 -
A DMP is an informal agreement and won't show up on credit records - defaults of course will (which you will almost certainly have if entering a DMP), but they will drop off after 6 years.Savings target: £25000/£25000
:beer: :T
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Whether you enter a DMP or an IVA your Credit file will be affected. Defaults will be registered and stay on your credit file for 6years and an IVA will show on your credit file for 6years from the date of acceptance.
Either way you are looking at 6years0
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