Have just come out of an IVA, have my confirmation letter from my agency that all creditors have been paid and the arrangement has been formally closed ... how long can I expect to remain blacklisted?
You credit record will be shot for 6 years from the date of the IVA's acceptance. You will need to do a bit of checking and clearing up yourself and then gently build up a good credit history.
Well done on getting through your IVA
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Pete - no such thing as blacklisted - howver you IVA will show on credit file for total of 6 years - however to do need to check all three CRA to ensure defaults etc are marked correctly.
Your Old Lenders have their own records - and are required to keep these for a minimal 6 years after accounts close.
After the IVA drops off - it can take a while to rebuild your credit history - so dont automatically assume you will get all the best credit deals
Last edited by ginger3232 on Wed May 02, 2012 6:14 pm, edited 1 time in total.
If you have direct debits going out say phone,sky, Internet account etc with out having any pay problems with them will this help your credit rating ?Plus a standing order account.
Thanks Phil
Any associated defaults will remain on your credit file for 6 years from the Default Date. The Default date should be on or before the start date of the IVA.
The IVA will remain on your credit file for a minimum of 6 years from when it was registered. It's important to ensure that the IVA is marked as completed at the CRA, the insolvency service should do that, because that will ensure it comes off 6 years from the start date.
If the IVA is not marked as completed it could remain longer than the 6 years.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
While the iva drops off after six years from acceptance, lenders keep and share their own records for six or seven years after your accounts are closed (when the iva completes) so all in all you are looking at about 11 or 12 years from acceptance before the iva disappears completely. That doesn't mean credit isn't available immediately post iva...jus that you will be restricted.
10 to 12 years for an iva to disappear from bank and credit files,from start to finish.....this is indirect discrimination. Criminal records drop off the radar after 3 years from Crb searches. Now we all know A good reason for not entering an iva.It create a long term scar like divorce......
I have kept an eye on this site as my IVA was finished early. This month is the five year point also. My finances are all in order life on track but looking at comments made here i will never get on the housing market. 10 to 12 years to disappear from high street banks credit files.Where does that leave us, higher rates. if only i really knew the truth about an IVA at the start, would have never done one in the first place.I know there is very good people who work in this industry but on the whole they have got very rich and have not given a true account of what a IVA really means to or consists of. Please forgive rant but have really hit a brick wall getting out of renting.
