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full and final offers - credit rating
emmakc
Posts: 9 Forumite
Hi, I'm new to this site and this is my first post so please bear with me!
My husband and I were in a lot of debt (£35,713.47 to be really precise). We decided to enter into an IVA. The IVA failed as one of the creditors wanted us to pay an extra £50 per month which I thought we would be unable to afford. We went to the bankruptcy court on the Friday but luckily for us arrived 4 minutes late - the girl on the phone had given us the wrong times to attend. We went to my parents house for dinner on the Saturday, and I was telling them all about it (they had only found out the week before that we were actually in debt so you can imagine their shock). My dad suggested that I write to all the creditors and offer them 40%. He said that if they agreed, he would get a loan out for us which we could pay back over three years.
In August 2006, the creditors agreed to our proposal and we ended up paying back £15k in full and final settlement - we have a loan for three years in my dad's name which we pay monthly.
Prior to the IVA application I had an excellent credit score as I had never been late making a payment in my life. Unfortunately, I was borrowing money to make the payments - it was only when I couldn't borrow any more that things went sour!
Does anyone know how long it will take for me to get a "normal" credit rating again? We would eventually like to get a mortgage but I don't think at the moment that anyone would have us!
My husband and I were in a lot of debt (£35,713.47 to be really precise). We decided to enter into an IVA. The IVA failed as one of the creditors wanted us to pay an extra £50 per month which I thought we would be unable to afford. We went to the bankruptcy court on the Friday but luckily for us arrived 4 minutes late - the girl on the phone had given us the wrong times to attend. We went to my parents house for dinner on the Saturday, and I was telling them all about it (they had only found out the week before that we were actually in debt so you can imagine their shock). My dad suggested that I write to all the creditors and offer them 40%. He said that if they agreed, he would get a loan out for us which we could pay back over three years.
In August 2006, the creditors agreed to our proposal and we ended up paying back £15k in full and final settlement - we have a loan for three years in my dad's name which we pay monthly.
Prior to the IVA application I had an excellent credit score as I had never been late making a payment in my life. Unfortunately, I was borrowing money to make the payments - it was only when I couldn't borrow any more that things went sour!
Does anyone know how long it will take for me to get a "normal" credit rating again? We would eventually like to get a mortgage but I don't think at the moment that anyone would have us!
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