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Ask JGM Your Own Question
JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11259
Experience:  30 years as a practising solicitor.
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If I managed to get into a IVA would that then reduce the

Customer Question

If I managed to get into a IVA would that then reduce the amount I would end up paying back. Would the agency who puts the IVA in place for me, negotiate the debt with the creditor? Thanks
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.
An IVA may be possible if your debts exceed £15000 and have no assets to repay them, you have an income, owe money to at least three creditors and 75% of your creditors agree to it. You would have to pay an agreed sum for five years and after that the balance would be written off.
Customer: replied 1 year ago.
How does the IVA impact on my credit file ?
Expert:  JGM replied 1 year ago.
The IVA will show up on your credit file for six years from it starting and will adversely affect your credit rating.