full and final settlement or 5 year plan

[lsa]

hi! can anyone out there help me? i just want to clarify a point. how long does an iva last on the credit file if it were to be paid off as a full and final settlement, compared to a five year plan. does it last for just 12 months?, or does it stay on the file for 5 years and then taken off on the 6th year?

[acsn]

It's there for a full six years regardless and you need to check for defaults by creditors because they may be later and therefore extend the period. Your credit rating will take at least 10 years to repair. Sorry. No one should take the IVA process lightly.

[acsn]

It's on for a full six years regardless and you need to check for defaults by creditors because they may be later and therefore extend the period. Your credit rating will take at least 10 years to repair. Sorry. No one should take the IVA process lightly.

[Andrew Graveson]

Any credit "event" will remain on your credit file for six years from the date of the event.

In practice Default Notices are taken significantly less seriously than an IVA, Bankruptcy, County Court Judgment etc. Some mortgage lenders choose to ignore them for example. Best avoided of course but not necessarily a huge issue if they occur.