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Advice Please.
dellybelly_2
Posts: 1,349 Forumite
I've been reading through your post and you guys all seem to have a lot of good advice, so just a quick question. I'd be grateful for any help.
My OH and I undertook an IVA on the advice of the CCCS in June 2005 as the birth of our son in October 2005 and the impending childcare fees etc meant that a DMP was not a great option.. The company that we were advised to see were extremely helpful, we used the equity on our house to pay off our creditors and we received a certificate of completion in February 2006. Our morgage was increased from 66k to 86k but that's another story.
Basically, what I would like to know is what is the long term impact of our IVA since it's been completed? Do we need to contact Experian and Equifax to make sure that our credit reports reflect the fact that the IVA is now completed. We're now at a point in our lives where we might actually be able to save some money but it's looking like our car may need replaced soon and I'd rather take the necessary steps to improve our credit rating sooner rather than later.
Any advice or comments would be gratefully received.
My OH and I undertook an IVA on the advice of the CCCS in June 2005 as the birth of our son in October 2005 and the impending childcare fees etc meant that a DMP was not a great option.. The company that we were advised to see were extremely helpful, we used the equity on our house to pay off our creditors and we received a certificate of completion in February 2006. Our morgage was increased from 66k to 86k but that's another story.
Basically, what I would like to know is what is the long term impact of our IVA since it's been completed? Do we need to contact Experian and Equifax to make sure that our credit reports reflect the fact that the IVA is now completed. We're now at a point in our lives where we might actually be able to save some money but it's looking like our car may need replaced soon and I'd rather take the necessary steps to improve our credit rating sooner rather than later.
Any advice or comments would be gratefully received.
Goal for 09: Get fit and foxy. target weight 11st. 5/80.
Get out of dead end job and work for career I always wanted.
0
Comments
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Hi db - the IVA will stay on your credit record for 6 years - the same as bankruptcy, or indeed any CCJ or default.
However, since you have satisfied the IVA you should write to any creditors, enclosing a copy of your certificate, and ask that they mark their entries as 'satisfied'.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
why not get copies of your credit files and see what they actually say....without knowing that its impossibl to say.
and as far as the car is concerned .. you really ought to consider saving rather than going into debt.0 -
Thanks for the advice rog2 and clapton. ATM I'm attempting to save but things keep cropping up. The car was got on a lease hire agreement and to be frank I want rid of it. With childcare costs increasing to over £400 per month and not much in the way of tax credits for it, saving has been difficult as things like the engine problems with the car happening this week.
I'll keep trying. Thanks again for your help.
Dellybelly.Goal for 09: Get fit and foxy. target weight 11st. 5/80.Get out of dead end job and work for career I always wanted.0
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