Will any of this affect my credit rating?
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Possibly - if you are in a problem situation with your debts in any way, it is always possible that one or more of your creditors may record information concerning this on your credit file. Such information may be on your credit file already if you are behind with payments. Until you have cleared your debts, or are able to resume full payments, it is unlikely you will obtain further credit. Information may be retained on your file for up to 6 years.
If you are considering an IVA, it is most likely that your credit rating will already be affected or will become affected quite soon. An IVA is for people struggling to repay their consumer debts. Failing to repay any debt according to the terms of your agreement will usually result in a creditor recording this on your credit history. This may last on your credit file for up to six years, which could affect your ability to obtain credit in the short to medium term.
Important Information About Our Service & Fees
Whilst we strive in all cases to negotiate the best deal with your creditors, we cannot guarantee a reduction in interest or charges. Also as one of the largest providers of debt management solutions in the UK, we are able to provide initial advice over the phone without charge, however, if a debt solution is taken out, please be aware that fees will be charged. We aim to keep these fees as low as possible and believe that we are very competitively priced. View more detailed information on our fees including examples for each product here.
Further Additional Information
The insolvency service has produced a guide for people who are struggling with debt, which outlines each of the available solutions.
If an IVA is not maintained it could lead to bankruptcy.
