At the end of IVA.stigma

[andrewgoodman121]

Say after 60 months i have completed the IVA.
Will my credit rating be the same as a Bankruptcy
or will it be deemed to looked upon a lot more favourably
as i have contributed money to at least pay off some of the debt.

What is the Stigma of clearing your debts through Bankruptcy

What is the Stigma when clearing your debts through an IVA

or are they both the same.

[kallis3]

Interesting question Andrew!

I do know that if you apply for a job in certain police forces they are treated the same - three years after you have completed/been discharged.

Defaults should be lifted from your record 6 years after your IVA has started.

Other than that, don't know!

One of the experts will tell you.

[andrewgoodman121]

I say all this because i am always reading these IVA versus Bankruptcy Posts and i thought an IVA was a more favorable option.
After my IVA is completed i would want to start on a fresh foot but be totally rehabilitated and be deemed at least credit worthy again.
I don't want to be seen as though i am a risk forever.

I am not saying that i am going to go back on the credit card and loans route NO WAY!!! after it has completed.

It would be nice to be seen that i have cleared my debts and can maybe open a current account with another bank and not becredit blacklisted forever.

[kallis3]

I think, and I could be wrong here, but once you have your certificate of completion, you should be able to open a normal bank account.

You definitly won't be blacklisted for ever.

[Skippy]

You may have to wait until the IVA drops off your credit record - 6 years after the date it was accepted - until you can open a 'normal' bank account.

[plasticdaft]

After the 6 years point you will have to rebuild your credit rating. I believe one of the pre paid credit cards can help you do this. It will still take time,but if you manage 6 years without credit why bother??