Will an iva permanently affect my credit rating?

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n_t

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Post by n_t » Tue Apr 24, 2007 11:38 am
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Will an iva permanently affect my credit rating?
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Hunter1

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Post by Hunter1 » Tue Apr 24, 2007 11:55 am
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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.
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ivoriva

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Post by ivoriva » Tue Apr 24, 2007 11:59 am
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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.
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