An IVA is a form of debt solution that was designed to reduce monthly repayments into one payment plan that can be paid off over an extended term. They’re typically a great solution for escaping debt that has the potential to lead to bankruptcy, but also have the side effect of adversely affecting your credit score after IVA.
Your credit score after IVA
Your credit rating is your personal financial footprint, which holds a record of all of your past credit and payments, which can help to assess your eligibility to borrow from lenders in the future. However, if your credit score is riddled with missed payments for bills or loans, then it will be noted against you – adversely, any payments that are made on time can help to improve it.
Your credit score is most affected by the amount of loans or credit cards you have had over time – your rating would be weak if you’ve never had any kind of credit in the past, but would be strong if you had credit cards and loans that you never missed any payment on.
Unfortunately, having an IVA does leave a negative mark on your credit rating, but it isn’t permanent! In most situations where someone needs an IVA their credit rating isn’t particularly good anyway, as it will usually involve missed or late payments, while using an IVA will be able to improve your credit score in the long run. Through this you will have the chance to pay off debts you owe and you can start fresh with a new score to your name.
Your credit during your IVA
While you are a part of an IVA you will find it particularly difficult to take out any new credit (and this can even last for a short while after the agreement). However, there are always certain exceptions to situations like this, including:
- If you own a company, or you’re self-employed and you need access to credit for your business
- If you’re using credit for any of your living essentials or for specific purposes that relate to your families wellbeing.
However, you’ll usually find that your credit rating is worse than it typically is during the IVA, which means that if you are able to take out any new credit then the interest you’ll be charged will be much higher than usual.
If you’re hoping to take out any credit that exceeds £500 during your IVA then you will have to get written permission from your IP, unless you need the credit to pay utility bills.
What long term effects will be left on my credit score after IVA?
There will be a record of your IVA on the Insolvency Register until your agreement is finished, and it will remain as a mark on your credit rating for six years after the date of the beginning of the agreement. You should always keep these aspects in mind when applying for credit in the future, as even once your IVA is done you’ll find it more difficult to receive reasonably-priced credit.
If you need help managing your debt and are aware that an IVA could be helpful to you, then you should get in touch with one of our agents at Consumer Rights to ensure that you’re managing your debt with a reliable solution. A member of our team will be happy to contact you to talk through the aspects of an IVA with you and determine your eligibility for an agreement – so don’t wait to get in touch.
Efficient Household Appliances – Washing Machines
Energy-efficient washing machines
The energy label
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Smart Energy Saving in Your Home!
Saving energy only offers benefits. Whether you want to save money on energy costs, contribute to a better environment or climate, it is important that we are less dependent on foreign fossil fuels, or perhaps all of these reasons at the same time …
By saving energy you can achieve all these different benefits.
Most people do it mainly for their wallets. But tips for saving energy can often be found in two extremes: expensive measures or a fall in comfort. Why should you choose between a cold house or an empty wallet?
There are enough energy saving tips that cost very little but result in high savings! The energy and money you save will be earned back on your energy bill the following year. And that can generate a lot of money. For example, in some cases you can save up to 50% on your gas bill; that can add up to £1000 a year! But you don’t have to spend thousands of pounds for that. Many tips cost you nothing or just a small investment. As a result, you quickly recoup these costs.
Unfortunately, saving energy does not happen automatically. You have to take action, but this doesn’t have to take too much time. You can easily apply all tips yourself. Doing this will make it a lot cheaper. While energy costs rise, there are many options for reducing your consumption. One thing is certain: the savings will not fall from the sky; you have to save energy yourself.
Don’t Sacrifice Your Comfort!
Do not sit in the cold in an attempt to save energy, because so much more is possible. Save hundred of pounds without sacrificing comfort. There are many cheap ways to save a lot, for example consider a Radiator foil, or a water-saving shower head. Find more energy saving devices here.
Saving electricity is easy thanks to the many savings tips available online. Some devices in your home use more power than you might think. You can save a lot of money on ‘stealth’ power that is used without you realizing it. See below for some examples.
How a master slave socket works
One device is the master in the socket. For example, this could be a desktop computer. When the computer turns on, the power strip switches on the slaves. That can therefore be the monitor, printer and audio boxes. As soon as the computer is switched off, the slaves are also switched off. This way you automatically save electricity.
The socket reacts to the power consumption of the master. If the power consumption falls below or above a certain level, then the other sockets are also switched off or on. You can easily set this limit yourself. By increasing the setting, for example, the sockets will only be switched on later. This can be useful if, for example, you leave the computer in standby. The computer then consumes a little more power. The slaves then remain switched on.
This way you can easily save power without having to switch yourself! You could also use it with other devices, such as your television, hi-fi and DVD recorder. Be creative and save a lot of energy and money!
This is your digital TV receiver, also called a decoder. A relatively small device, but the TV cabinet uses power day and night. You do not use the device for most of the day. So you can save a lot of electricity with that.
Research by climate agencies in 2011 showed that set top boxes use a lot of energy. The consumption turned out to even be up to 29 watts. That is £55 electricity costs per year, it may not seem much but everything adds up. The device to watch TV consumes 24 hours a day, while you will probably only watch TV for a few hours.
So it saves a lot to turn off the set-top box during the hours that no TV is watched, this includes any Freeview, Sky or Virgin boxes. For example, think of night hours or during the day on work days when you are not home. You can then turn off the device for many hours and save a lot of money!
Modern, digital time clocks take the work off your hands. There are digital timers that you can set based on time and date. And even on weekdays and weekends. They stay exactly on time thanks to the DCF signal and therefore also switch automatically to summer and winter time. Set the time of activation and deactivation precisely to the minute. Very handy!
Flight Delay Entitlement
Having your outbound or return flight delayed can really put a dampener on your trip, as well as potentially being highly disruptive to your business plans. This is not something you need to simply accept and you may well be entitled to compensation depending on the circumstances surrounding your delayed flight such as the causes and the length of the delay. Flight delay entitlement is something which is well worth looking into if you have been the victim of a delayed flight in the past six years, and can go some way to perhaps covering the costs incurred as a result of your delay or simply making up for the inconvenience you have suffered.
Flight delay entitlement doesn’t exclusively apply to delayed flights. You are also well within your rights to claim for a cancelled or even overbooked flight should that match your situation, and the claims process is very much the same.
Flight Delay Entitlement Explained
Here we are going to discuss in more depth your flight delay entitlement. Even if you have suffered a significant delay, you may not always necessarily be entitled to be compensated in the form of money. Your airline will, however, be required to help you out in other ways such as food vouchers to account for the additional time spent in the airport, as well as arranging and paying for overnight stays in hotels should the situation require it. All of this depends on the length of extra time you will need to stay in the airport as well as the reasons for which your flight got delayed.
Your flight delay entitlement may also be impacted by the actual length of your delayed flight itself, but all of this will become more clear as we explain the flight delay entitlement process.
If your delayed flight totals anything under 2 hours you are not eligible to receive any form of compensation, however anything above this means that you may be able to claim reimbursement. For those who’s flight delay was between 2-3 hours you will not be entitled to a financial reimbursement, but you must receive food and drink from your airline, access to a phone or at least some mode of communication and even overnight accommodation if necessary. If your flight is delayed by more than 3 hours you are legally entitled to everything we have already mentioned, as well as actual financial compensation provided that the delay was caused by a fault of the airline. Circumstances such as inclement weather conditions or security issues will mean that compensation will be unlikely. The amount you are likely to gain in compensation typically varies depending on factors such as flight distance, how long your flight was delayed for and whether or not your destination falls within the European Union. You can find out more about the precise amounts which you are entitled to depending on your circumstances here.
If your flight delay totals more than five hours then you are faced with a number of options. You can choose whether or not you wish to still board the plane, and if you choose to do this then you could claim as much as £600 as well as all of the additional benefits we have touched on for flights with a sub-five hour delay. If you decide against taking the flight, which you are also well within your rights to do, then you are entitled to a full refund for your ticket as well as any other flights on your trip which may have been affected as a result.
If you would like more information about the flight delay claims process click here for our comprehensive guide to flight delays and how you can go about claiming what you are owed.
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