After settling my IVA early, will I be able to improve my credit rating?

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S.C.Taylor1989
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by S.C.Taylor1989 » Sun Aug 20, 2017 5:52 am
I am going to be paying off my IVA early (with the help of my mum). Whilst I know it will take the full 6 years for the IVA to come off of my credit history, but will I able to improve my credit rating in the mean time?
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kallis3
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by kallis3 » Sun Aug 20, 2017 7:22 am
Your defaults should go back to the start of your IVA and, at the end of the six years they will drop off. Keep an eye on them in the meantime.
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luluj
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by luluj » Sun Aug 20, 2017 7:44 am
Although your iva will have ended and certificate issued the iva will remain on your credit history for 6 years from the start date, albeit as showing completed. Your credit rating is unlikely to improve until this is over and all defaults are removed.
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Foggy
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by Foggy » Sun Aug 20, 2017 8:11 am
You can use the time to build good records (slowly but surely), however, as mentioned above, the IVA and the defaults will be there for the full six years. You can also use the time to make sure the dates are correct and the records are ready to clear on time.

Have a read here and the last few entries on my blog ( link in the signature block below):

https://www.iva.co.uk/what-does-an-iva- ... dit-record
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Lisa Thomas
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by Lisa Thomas » Mon Aug 21, 2017 9:34 am
You really will need the 6 year mark to pass.
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Ryan
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by Ryan » Mon Aug 21, 2017 10:39 am
Make sure that you feature of the Voter's roll at all times as that will boost your credit score. Also avoid Payday loans as that can have an impact on applying for Mortgages in the future.

Regards
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