 IVA Confusion
Hi,
I recently used the tips on this site to recover £800 in bank charges from Alliance and Leicester and to have my record with Credit agencies cleared. Big thumbs up.
Now, as part of my ongoing effort to sort out my finances, i recently looked into a loan to consolidate my Credit Card debts of over £15k.
My cedit rating with Experian is good and i have passed all the standard criteria of living in the same place for 3 years etc but for some reason, not clear to me, i was rejected by Northern Rock for my loan application. Admittedly they checked my application via Equifax, though i would have thought there should be no diffrence.
As a follow up, after contacting MoneySupermarket, i got put through to a group called GE Capital who have been calling me to help sort out the best loan. They tried to push me towards a loan that was not for the amount i required and had an excessive interest rate, over 10%.
I pointed out to them that i am not desperate for a loan etc but to me it seems the best option to ensure i clear my debts by turning them into a loan rather than keeping paying into the credit cards and then taking the money out of my credit card again as it is easy to access it.
After admitting that none of their lenders was suitable, GE Capital are now trying to pass me onto a IVA debt company. Admittedly, what they claim of having my debts frozen and potentially reduced as part of the IVA, providing they are over 15k, is appealing. However, i don't want to do this if it will mess up my credit rating after i have taken steps to improve it. What are IVAs all about and is it worth applying for one even if techincally i could have all my debts cleared in 5 years? What are the hang ups of IVAs or should i just avoid the whole thing?
Any advice would be gratefully received!
Thanks,
Keven
Last edited by kghuelin; 14th November 2006 at 14:53.
Reason: Spelling ad grammar mistakes
| 
Re: IVA Confusion 
