IVA or not IVA?!?

Jackson76

When I was at college, I took out a Career Development loan with Barclays Bank which stated I needed to pay back £180 per month after I finished my two years of study.

As I went on to university, I couldn't afford the £180 p/m so wrote to them on advise from the CAB and came to an agreement where I now pay back £50 p/m by direct debit.

Now, I didn't have to pay to set this up and interest is frozen on it, so I am paying back pure debt with no interest. Is this concidered an IVA or not?

Also, whilst I have it, does it affect my chances of getting a mortgage, for example? The rude fellow at Barclays stated it would efffect my credit status but it doesn't seem to have at all. Anyone?:e:confused:

Butlers1982

Doing an IVA does affect your credit rating, it proves you are a bad borrower

But your not doing an IVA, your on a reduced payment scheme. This shouldnt affect your credit file

geordie_joe

Jackson76 wrote: »

When I was at college, I took out a Career Development loan with Barclays Bank which stated I needed to pay back £180 per month after I finished my two years of study.

As I went on to university, I couldn't afford the £180 p/m so wrote to them on advise from the CAB and came to an agreement where I now pay back £50 p/m by direct debit.

Now, I didn't have to pay to set this up and interest is frozen on it, so I am paying back pure debt with no interest. Is this concidered an IVA or not?

Also, whilst I have it, does it affect my chances of getting a mortgage, for example? The rude fellow at Barclays stated it would efffect my credit status but it doesn't seem to have at all. Anyone?:e:confused:

How do you know it hasn't affected your credit status?

You haven't gone and applied for more debt when you can't pay what you've got, have you?

Ian_W

TBH I wouldn't know whether it's an IVA or not, or whether they could put it on your credit file under some other heading, default, caution or whatever.

EXPERIAN are always offering me a free copy of my credit report and the offer is on their website now, though I think you may have to sign up and then cancel within 30 days to get it free.

Why not get a free copy and see for yourself if anything is noted.

Butlers1982

TBH I wouldn't know whether it's an IVA or not, or

Surely the OP would have remembered filling in the forums for an IVA though!

Sherlock._2

Jackson76 wrote: »

When I was at college, I took out a Career Development loan with Barclays Bank which stated I needed to pay back £180 per month after I finished my two years of study.

As I went on to university, I couldn't afford the £180 p/m so wrote to them on advise from the CAB and came to an agreement where I now pay back £50 p/m by direct debit.

Now, I didn't have to pay to set this up and interest is frozen on it, so I am paying back pure debt with no interest. Is this concidered an IVA or not?

Also, whilst I have it, does it affect my chances of getting a mortgage, for example? The rude fellow at Barclays stated it would efffect my credit status but it doesn't seem to have at all. Anyone?:e:confused:

Did you see a firm of insolvecy practitioners? Sounds like you didn't so it isn't an IVA. An IVA needs at least 2 creditors, too, so unless you have another one which you haven't mentioned.

Sounds like you have an informal arrangement to pay.

Jackson76

This is a reply to all of the above posts!

No, I didn't visit an insolvency company; I made a trip to the CAB and they advised I write a letter to Barclays outlining all my outgoings and income with an offer to pay back what I could afford. I then set up a direct debit with my bank and have been paying it that way for the past three years.

As for my credit rating; I had to get a credit card to pay for a flight overseas (wedding in the southern hemisphere) so applied for a credit card and got one with a £2000 limit no problem. I've also had mobile phone contracts in the past with no problems there either.

Thanks for all the replies!