Arrangement to Pay an IVA?

marflar

Hi Guys, had an arrangement to pay just over 2 years ago that's obviously still on my file

Is this an IVA? Or is it something different? Are they classed as the same thing if seen on a credit file?

Gaz83

It's not the same thing as an IVA.

Whether or not they're classed as the same thing will depend on an individual lender's own internal policies.

DCFC79

As long as you keep on paying it you will be fine, lenders will see your keeping up with payments.

mwarby

Although of course an arrangement to pay is seen as worse than making the contracted minimum payment

National_Debtline

Hi Marflar,


If you approached your lender 2 years ago and made an arrangement to pay, based on what you can afford then, this is not an IVA. The lender may have agreed the offer but the original contract has still be broken so they may have defaulted you, and marked your file to show you have paid less than the contractual rate. This will cause some damage to your overall worthiness.


However, an IVA is a legally binding 5-6 year agreement then would encompass all of your debts, it is a legal form of insolvency and quite damaging to your credit file. From your post it doesn't seem that you are in an IVA but perhaps you could post a few more details to be certain.


Laura
@natdebtline