www.iva.co.uk

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

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

Sorry for sounding a bit thick ... but are we talking 6 years from the start or the end of the IVA ??

It's nice to speak to human beings rather than some diddlo on the phone who insists on bamboozling me with finance jargon.

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.

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.

Hi and welcome to the forum. Well done on IVA completion. Hope the above replies are of help to you.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Broke of London

lenders keep and share their own records for six or seven years after your accounts are closed (when the iva completes)

And that's probably a minimum to, don't believe there is anything stopping them keeping it longer, but that's the requirement for tax purposes.

Now just cause they have to keep it for "tax purposes" the argument now is can they use it for any other purpose like underwriting for example.

That's debatable.

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......

Credit rating it will drop off after six years, especially when you write to the creditors to tell them to remove them.

Criminal records never drop off the radar - they are there until you die. My wife has had dealings with CRB searches and they do show up.

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.

There's posters on here who have managed to get a mortgage - the site has its own resident whole of market broker who has been brilliant.

His details are under the 'Ask a Question' link. Contact him - it can do no harm and you won't remain blacklisted for 10-12 years.

many thanks will have a look.