6 years

[andrewgoodman121]

What happens after you have completed the IVA and done the FULL 6 years
will your credit score still be as bad as when you entered the IVA in the First Place.

[Viki.W]

Hey Andrew, the IVA will drop off your credit file but I suppose you will have to build your score up again. [:(] X

[andrewgoodman121]

Are there any Posters on the Forum who have completed there IVA's and after 6 years are still seen as a Credit Risk.
I am curious to know as a lot of us posters are already in IVA's or are in the Process of going through one, but it would be refreshing to hear from someone who has been through it the WHOLE HOG!! and what they have learned by it and are there credit scores back to normal

[andrewgoodman121]

Hi Vicki,
I know that it will drop off your credit file and all the other stuff, but i read a lot of people who have settled there IVA's through a Full and Final BUT!!! it's after the 6th year i would like to know what to expect, will it be very hard for me to ever get credit again or what would be the best way to build it up again.
Don't get me wrong i will NEVER go stupid again with credit but it would be nice to be no longer considered a CREDIT RISK!!!

[freelili]

I think, may be wrong but you would build it up the same as a yongster, like you dont have a credit history. Start small, pay back, get something bigger pay that back and bobs your uncle. Although I havent reached the thinking about future credit stage yet to be honest.

I do know someone who went BR some years ago and he built his rating right up, has a mortgage a car loan and frankly is right back in the plastic age. I wouldnt know with the current climate though if its going to be much harder in the future.

[Skippy]

Lily is right, you would need to build your credit score from scratch. Most bank accounts now report to the credit agencies, as do mobile phone companies if you have a contract with them.

[Beans on Toast]

I read a thread about this a while ago Andrew, apparently you have to get in touch with three seperate credit agencies so you can begin building up your credit score again. Sorry I can't remember who and how, but hopefully someone will see this and put you right [:)]

[Beans on Toast]

Just found this, some useful information in this thread.
http://www.iva.co.uk/forum/topic.asp?TO ... edit,score

[Lisa2009]

Hubby's IVA completed early in December. We have never checked his credit report since because to be honest we're not that bothered how good or dire it is. He wont be getting credit again.

I know its everybody's personal choice and some want it for mortgages and such like

[andrewgoodman121]

Cheers for the feedback,
I know that most of the people on the Forum are posters just like myself who are in an IVA and asking specific questions about IVA's as some people want to be certain or are Sceptical.
I have yet to read a poster of someone who has got through there IVA and been past the 6th year and what life is like for them now.
E.G Have they been able to obtain a Mortgage

Can they Now be Accepted for a Loan Or Credit Card

Is their Credit History Back to Normal

and most importantly, was an IVA the correct way for them to get back on their feet and Recommend them for people who want to settle there debts

[plasticdaft]

There are some in IVA's who have managed to remortgage so obtaining a mortgage after your IVA may be harder but is not impossible.

[kallis3]

Some people also take out a credit card with a small limit, spend a little on it, pay it all off. Do this for a few months and that will help on building up the score.

I know what you mean though Andrew. We don't seem to have many people who post on here once they have finished their IVA's.

Andy Davie would be a help as he has gone through it and come out the other side. If he picks this thread up he will probably give you a better answer.

[andrewgoodman121]

Andy Davie is an excellent guy who has really promoted the IVA route to get out of Debt.
I have read Andy's Blogs and seen his story on many of the Debt Meetings that are on the TV part of this forum.
He seems to be the only one who seems to have come out the other side with Total Positives.
The only small downside to Andy's story is that he had his IVA for 3.5 years and had a gift to help him complete the IVA early.
I and i suppose yourself Kallis will have to do the full 5 year slog for when our IVA's are completed.
It would be interesting to know what Andy's Situation is like Today and is he glad that he went the IVA route and is he credit worthy again.

[kallis3]

I rather think he is glad Andrew, having read stuff on here, and I doubt he is the only one to have successfully completed. Perhaps a lot of people on here don't want to carry on posting once they have finished, they want to put that part of their life behind them.

Unless I win the lottery, I will have to do 5 years, and probably 6 as I doubt I will get a remortgage. I'll just have to put up with it.

I'm all for people being able to finish early if they can.

[andrewgoodman121]

I DON'T UNDERSTAND THAT!!!
If i succesfully complete my IVA , i will still post and will be telling people that there is an other side and do as much as i can to help people out of there Financial Crisis and also say that an IVA is nothing to be sceptical about.