www.iva.co.uk

Hello,
I undertook an iva in August 2003, Sold my house and paid all creditors off.
I aqm aware that with an iva my credit rating would be affected. I have cleaned up my Credit file with experian and all debts are marked as satisfied. I work for one of the four leading banks and have been trying to get an overdraft. Will I need to wait until 6 years is over or is there anything I can do to sort this and amend the current predicatment that I am in.
Thank you for your help with this matter.

Hi annette

I am afraid that the entry on your credit file will remain until August 2009 - being the six year statutory registration period. That does not mean to say that your bank will not allow you an overdraft though, so worth a try as they can only say no.

Once your IVA has completed you can apply for credit but as Mel rightly says, these applications can be hindered by the negative impact your IVA will have on your credit score, which will remain for a period of 6 years from your IVAs inception.

Out of interest, after the 6 years and the bankruptcy/IVAs/defaults all drop off, assuming you had no credit at this point, would your score be in the same position as say an 18 year old with no credit, or do the credit agencies dock your credit score forever because 'it knows' you were once BR/iva'd ?

It will be like you were 18 again, I wish LOL

It's the only way I'll ever be 18 again! [:D]

Debbie