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Posted: Wed Sep 28, 2016 6:02 pm
by Natashadc32
Does an IVA affect your credit rating ?
Posted: Wed Sep 28, 2016 6:13 pm
by kallis3
Hi and welcome,
Yes it will - it will be on your record for six years from the time you take it out and your credit will be shot if it isn't already.
I suggest you take some advice. Vincent Bond (details under ask experts a question link on the left hand side of the page) can be contacted for some free advice.
Posted: Wed Sep 28, 2016 6:50 pm
by Michael Peoples
It will damage your credit file for six years but if you have unmanageable debt then it is likely already impaired. Get some free advice.
Posted: Wed Sep 28, 2016 8:53 pm
by Foggy
As said -- your credit rating will be shot for 6 years -- but, as also mentioned, if you are in trouble with payments the rating will soon be taking a hit anyway.
Posted: Thu Sep 29, 2016 12:28 pm
by plasticdaft
Unfortunately your credit score will plummet in an iva but you should only be considering an iva if you have no other options and by that point you really wont be bothered by a low credit score!!
It does bounce back once the iva drops out of sight.
Paul
Posted: Thu Sep 29, 2016 10:38 pm
by hubert
Your credit score will hit rock bottom I'm afraid...
But remember your credit score is actually just a number the credit reference agencies come up with. Only you see it and it's their opinion of the data in your file.
Any company that requests your credit file sees only the data not the score. They then make up their own mind about whether to lend or not.
Posted: Fri Sep 30, 2016 11:11 am
by plasticdaft
The 1st thing any lender will see is the insolvency. They will then run off very quickly.
As mentioned though, it does improve eventually.
Paul
Posted: Fri Sep 30, 2016 3:55 pm
by Lisa Thomas
Yes for 6 years but probably ruined already if you are considering an IVA...
Posted: Sun Oct 02, 2016 1:25 pm
by plasticdaft
My score was fantastic until I made the decision to go insolvent.
It dropped like a stone after that point......
Paul
Posted: Tue Oct 04, 2016 4:08 pm
by Credit-King
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Natashadc32
Does an IVA affect your credit rating ?
Does a bear [:D] in the woods?