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Posted: Tue Apr 24, 2007 11:38 am
by n_t
Will an iva permanently affect my credit rating?
Posted: Tue Apr 24, 2007 11:55 am
by Hunter1
Hi,
I'm not an expert but I have been told the following:
Most IVA's run for 5 years and this is recorded on your credit file for a year after it finishes so 6 years in total from the date the IVA starts.
Hope this helps.
Posted: Tue Apr 24, 2007 11:59 am
by ivoriva
It will remain on your file for 6 years from the start date of the IVA. However it is likely you will pay into it for 5 years, so it is just one further year after successful completion that it will stay on your file for. So all in all not too bad, especially considering the 5 years it runs for is your opportunity to repay debts and you should in no way be thinking of taking debts on. In which case, it shouldnt really matter too much about your credit file as you wont be applying for credit anyway.