Will an IVA affect my credit rating?
An IVA will damage your credit worthiness, but not forever. When you enter into an IVA you are entering into a new financial agreement, and therefore breaching the terms of your original unsecured credit agreements. This will be marked on your credit file.
An IVA will usually take 5 years to successfully complete, and one of the conditions is that the debtor will not take out any further unsecured credit agreements for the full duration of the IVA. No loan applications, no credit checks.
Once your IVA has been successfully completed, we will give you a Certificate of Completion.
You will be able to send copies of the certificate to the credit check agencies, and request them to up date your file. So, after 5 years the Individual Voluntary Arrangement (IVA) will have finished, and there will be no more outstanding debt.
Because the Default Notices marked on your file will stay on it for 6 years, there will still be 1 more year to go before your credit file will be completely clean.
During this final year you will be able to apply for credit, should you wish too, but there is the possibility that you will find obtaining credit difficult, though not impossible.
After this final year, there will be no mention of your previous debts, Defaults, C.C.J.s or even the IVA on your credit file, and from this position you will be able to rebuild your credit score should you wish to.
For more information, call us on
0800 16 999 46 or simply fill in the online application form above. Our initial advice is free and completely confidential so why not give us a call today...
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Registered Office: 45 Clarendon Road, Watford WD17 1SZ