Will an IVA affect my credit rating?
When you enter into an IVA you are entering into a new financial agreement, therefore breaching the terms of your original unsecured credit agreements and this will adversely affect your credit file.
An IVA will usually take 5 years to successfully complete, and the Default Notices marked on your file will stay on it for another year afterwards. You may also be required to declare the IVA on any future applications for credit.
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