what happens to ones credit rating/credit history

[l_w]

After the 5 years of paying are up and the 6th year of an iva have passed, what exactly happens to ones cradit rating and credit history ?

[iva_squirrel]

Good morning,

An IVA is a confidential agreement between you and your creditors, but an IVA will appear on credit files for six years.

However, if you complete your IVA successfully, you will be recorded as having managed your debt, which must stand in your favour.

Once your IVA is finalised, you will need to start building up your credit rating again. Take some simple, common sense steps first. Get yourself on the electoral register, always make repayments on time. Schedule regular checks on your credit report, in the same way that you check your bank and credit card statements. It acts as an up-to-date snapshot of your financial position and will show you if anything is going wrong, long before you could find out normally.

Kind regards,



Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[l_w]

Thanks Julia,

Once an iva has been paid up without any problems, is there any record on any credit reference agencies, ie, Experian that will show that i have had an iva and will a credit check in the future be clear as if i have never had credit before ?

[Storm]

Electoral role does have an impact on your credit score.

By the end of 2007 your credit report should show your payments through an IVA - some lenders already do this others are less pro-active.

It can take upto 6 years after your IVA to wash out all trace of it.

Following IVA - rebuilding your credit profile takes time......