www.iva.co.uk

How long after my IVA finishes will mt credit remain bad? or will it get better after it ends?

Hi,

Your credit record will remain bad for six years from the date your IVA was accepted.

Do check that there are no defaults after that date. If there are then you need to write to the creditors to ask them to remove them.

Never thought about this until now, I know credit histories remain bad for 6 years from date of IVA being accepted but my IVA is for 6 years and most likely will run for a 7th year to cover equity release. How will my credit file be effected by this? Not that I'm particularly bothered as I never want credit again!

I'm pretty sure that everything should drop off by the 6th year, but not 100% about that though.

It's not just ordinary credit you need to think of, it's things like mortgages or wanting to rent somewhere or taking out a new mobile phone contract. All of these will be affected by adverse credit.

Any defaults etc will drop off 6 years after going on the file(which shouldnt be dated any later than your IVA approval date). If an insolvency is going to last for longer than 6 years I assume it will be on your file until the end of your IVA and then be removed on completion.

Paul

The reference to the IVA should be removed from credit files at the six year point, but your name will still remain on the insolvency register until the IVA has been concluded.