What happens if I pay my IVA balance in full before the 5-year contract?

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maria701
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by maria701 » Sat Mar 03, 2018 8:19 pm
What happens if I pay my IVA balance in full before the 5-year contract? How long before my credit score be restored or improved? Or how long before it’s erased from my record? Or will it be erased?
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kallis3
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by kallis3 » Sat Mar 03, 2018 8:22 pm
Your IVA will remain on your credit record for the full six years regardless of whether or not you pay it back in full.
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bridgey
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by bridgey » Sat Mar 03, 2018 10:48 pm
kallis3 wrote:
Your IVA will remain on your credit record for the full six years regardless of whether or not you pay it back in full.


But you should see an improvement, if not substantial, right?
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kallis3
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by kallis3 » Sun Mar 04, 2018 9:04 am
It will say 'settled' but you won't see much improvement until it drops off your records.
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Foggy
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by Foggy » Sun Mar 04, 2018 9:40 am
The fact that the IVA is there will overshadow everything else. The CRA's will add a few points on your score, which is meaningless as creditors do not see "scores", just history -- complete with an IVA !
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