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My husband and i are thinking of taking out an iva as solution to our 25000k debt |
Submitted on: 3rd Feb 2010 by Non-Member | Total Answers: 1
the 25000k is split between 4 credit cards (all charging interest) and a car loan, the debt is in my husbands name who is a police officer, will his work need to be notifed if we take out an iva and also at the end of the 5yr term how will our credit rating be affected, whilst we never want to see another credit card again chances are in 5yrs time our family car will need replacing,if that is the case how will this have affected our credit rating.
Re: My husband and i are thinking of taking out an iva as ...
You need to get impartial advice on IVAs before you apply for one - and don't go to one of those companies who try to sell you one.
Your husband needs to check with his HR department or union or other agency as to his force's attitude towards IVAs and his own job's sensitivity.
After an IVA you will have not had any credit for at least 5 years - so your credit score will be low - but you can then rebuild it by using credit sensibly.
If you want the opinion of the Debt Advice Foundation click on my name and give us a call. We have helped many police officers, soldiers, bank employees, etc deal with their debt problems.
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