How badly will an IVA affect your credit rating

[yasmin]

How badly will an IVA affect your credit rating, or will it at all? If it does what are the downsides of this, and long term effects? If your partner has an IVA, does that effect your credit rating, or prevent mortgages togther, joint bank accounts etc??
Thank you

[Lula]

When you are in IVA it is recorded on your credit rating for 6 years! During the 6 years you cant take any credit, except with your IP agreement, not that geting it would be that easy.
When the IVA is completed after the 1 year following your rating is repaird!
In terms of a joint bank acc it may have a bearing ...i suppose depends on the bank or type of account.
Your IVA doesnt affect anyone else credit rating.
While in an IVA, you need to get permission from your IP to enter into a mortgage, so this would be a question better direced at a professional! Unlike a ordinary sole like me!

[Storm]

The IVA is recorded on your Credit File for 6 years.
(Not sure I agree that your credit file will be repaired within a year of completing an IVA)

If you apply for a joint bank account whilst in an IVA you may experience some difficulties(if you are planning an IVA try and open a joint account before you start the process). If you already have a joint account in place you must operate it in credit. Certain banks choose to close accounts of customers entering into an IVA.

If you have an association with somebody for example a partner or husband/wife then it will have an effect on your partners Credit File.

You can only apply for a dissasociation if your financial affairs are completely seperate.

You can apply for a mortgage (with IP's permission) however the rate will be effected by the IVA and you would be expected to find a 10-15% deposit. There are a number of mortgage products on the market that will accept applicants in an IVA and the rates are marginally higher.