long term repercusions of an IVA?

[jjm]

what are the long term repercusions of an IVA? does it affect any future credit applications?

[Lisa2009]

An IVA will stay on your credit file for 6 years from the day it starts.

[Sadsack]

As skint says, the IVA remains on your credit file for 6 years, however it does not preclude you from future credit. You will find that high street lenders will be reluctant to grant credit at the "going" interest rates, you will more likely be paying a bit more and would have to go to "sub-prime" lenders.

Having said that, whilst you are in an IVA, you may not have credit with anyone, with the exception of having a mortgage. If you are wanting to pruchase a property or a car, you will have to have the permission of your IP.

Hope this helps.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[iva experts]

Hello jjm,

As others have already stated an IVA will remain on your credit file for 6 years from its commencement. However your details will be on the insolvency register until a ceritficate of completion has been issued by your I.P (usually after 5 years).



Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Adam Davies]

Hi jjm
Be under no illusions an IVA will generally destroy your credit record for six years.Secured borrowing is affected but is still available.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp