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I see from this forum that the IVA record is removed after 6 years of entering the IVA. I was on a 3-year IVA but that means that I have to wait a further 3 years before it's struck from my record and can get a good deal when looking for a mortgage or car hp. It hardly seems fair that I pay of my debt quicker and yet still have to wait relatively longer for a good credit rating. But since I can't change anything, do the experts or experience persons have any ideas on what can be done to better the credit rating within the three year wait?

Hi janet

I am afraid that things like this are fairly set in stone - you borrow the money you take the hit if you can't pay it back, regardless of the steps you took to deal with it.

If you shop around for mortgage deals, I feel that you will get a fair offer at this stage, and there are a number of firm who will offer you car HP.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

My IVA was a full and final settlement one which meant my IVA was finalised within a year, however I am aware that this will show on my credit records for 6 years.
We did'nt pay off our debt quicker Janet unless you paid 100% back we only paid a % of our debt and the rest was written off, therefore we are not a good credit risk for companies and must accept that.
You can still get a mortgage with reasonable rates if you use a good broker and make them fully aware of your circumstances.
I am about to start my re-mortgage process to get a better rate and I am using Charcol who helped immensly when I needed to remortgage to fund the IVA.

thanks May 2006, I paid 100%, though my current feeling is that not being able to get credit will actually work in my favour. For one, I never want to see a credit card or a loan in my life. I've learned to live within my means. If I can't pay for it, then I can't have it. It's that simple. And I've decided to save up for a newer car over the next year. So I guess something good has come out of all this.