Could i ever obtain credit again?

[gaz_s]

if i took out an IVA after the completion date how long would it remain on my credit report for? Could i ever obtain credit again?

[kitty]

Hi gaz,
From everything that I have read so far, you can start to repair your credit rating after a six year period...5 years for a typical IVA and another year after this.
Are you considering an IVA?
By the way, if you are, don't be suprised if you start to see credit in a new light..it becomes quite unappealing on the journey to a debt free future,
Once you have completed a few months of getting back to basics and appreciating life without credit, it doesn't seem so important to have the credit cards!

[MelanieGiles]

Kitty is right. Once you have an IVA on your record, it will remain on the credit file for six years from the date of your creditors meeting.

[jpj]

I was wondering Melanie, Do you ever see people who have had IVAs, finished them, slowly got more credit and ended up back in debt again and needed a 2nd IVA or is it literally 100% who learn their lesson?

[MelanieGiles]

It does happen - and I have seen an ex-client of mine run up considerable debt and then ask for a second IVA, but thankfully I would say this is quite rare. With 5 years of IVA repayments, most people are just happy to have their disposable income back, and actually become savers rather than spenders.