When can I borrow again?

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catherine861
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by catherine861 » Sat May 05, 2018 8:29 am
If I pay my existing IVA off earlier than the 5 year period, due to positive circumstances in my life. How long after will the IVA effect my ability to borrow again?
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kallis3
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by kallis3 » Sat May 05, 2018 9:33 am
Your IVA will remain on your credit record for 6 years, regardless of when you pay it off.
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Foggy
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by Foggy » Sat May 05, 2018 9:49 am
You might be able to borrow while it is still on file (6 years) BUT you will be paying crippling interest rates and the lender might well be the "break yer legs" type !!

Having dodged the bullet once, might I ask why you want to go there again ?
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MerlinL14
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by MerlinL14 » Sat May 05, 2018 6:05 pm
It is going to take until the 6 year anniversary of the start date of your IVA for all defaults to drop off, some creditors may need a reminder. You will have to do all the leg work if they don't drop off, don't even think your IVA company will do any phoning around or sending mail. Keep your completion certificate safe, real safe. You may find you need to send copies to a few ex creditors. Once they all drop off you are still going to have a poor credit rating, solely because there will be no past history to gauge your financial conduct on. Non of my business and certainly not judging, but is there a specific reason for needing to borrow again? Reason I ask is that you will now have a huge chunk of disposable income now you are not paying your IVA, you may find that saving it even for a few months will result in a substantial lump of cash. Small borrowing has to be a good thing to get your credit history populated and have 'paid in full' listed on the reports. But I would be cautious of making a huge commitment unless you are real happy about it.
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