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IVA vs Short Settlement

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Hi All.


I have numerous outstanding debts on IVA's with Credit Card companies, to clear some of this out of my life I think I will be able to short settlement on a couple of the smaller ones. But my question is what looks worse on a credit file? A current IVA or a paid and cleared short settlement?


Thanks in advance.

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But if you are only clearing a couple of the smaller debts will you be looking to continue the IVA with the others? Surely both will show up then so academic ( bearing in mind the IVA record satys on your file for 6 years from the date the IVA started anyway ). Have you spoken to your IP about this in terms of the effect on your IVA agreement?

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is it actually an IVA? i.e. a legally binding agreement that you have drawn up with an independant insolvency practitioner?


Sorry for the delay.


Perhaps its not a IVA then? Excuse my ignorance but I assumed I was under a IVA. All we (creditors and I) have done is agree a reduced payment prgramme (letters from them saying along the lines of "We accept reduced payments of £1 per month, and will review your account again in xxx months)

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hey mustard.


you've informally agreed reduced payments, a bit like a self-help debt management plan if you will.


this next fact sheet will help you with full & final settlements. take a read :)

National Debtline England & Wales | Debt Advice | Factsheet 24 Full And Final Settlement Offers

edit - might help if i post the right factsheet

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