www.iva.co.uk

I cant seem to get my head round when we have a clean file?

Reading thorugh other posts I understand that the IVA stays on your file for six years, but this one year from the date of completion keeps cropping up.

Does it mean that if you've settled your account early as we have (3 years into it), after the first year you are able to again apply for certain types of credit (not that im going to) or have a clean file? Or is this a myth and we only need to include the six year scenario for the IVA?

I think whatever you do it stays on your credit file for six years from the date of acceptance. I am sure someone else will be able to clarify this though, you can start to rebuild your credit rating after the IVA has dropped off.

Lily is right. Your credit rating is shot for 6 years from the date your IVA was approved, regardless of whether or not you finish it early.

The only adavntage of an F&F from what I can gather is that there is the possibility of reducing your overall payment slightly in return for paying a lump sum? I suppose you can start to build your credit rating following an F&F if that is your wish but this may be difficult as the IVA does not drop off for 6 years!

I can't help thinking that if you settle early in full then the IVA should be removed from your credit file, too logical I guess!

Plus of course, you're saving the money you would have paid over every month, so that could be put to one side to save for something special.

Everything stays on your record for 6 years, good, bad or even settled accounts.

The statement "...one year after your IVA has finished" is based on a typical 5 year IVA. Anything that goes on your credit reference file stays there for 6 years without exception.

Congratulations on finishing your IVA early. If you do need to apply for credit, your IVA completion statement may assist your application.