- Friday, 15 May 2009Experian has noted how the
IVA process compares with alternatives in terms of an individual's credit rating.
The credit reference agency explains on MSN Money that
IVA help will be recorded and remain visible to future lenders for six years.
But this compares with a three-year black mark for a missed repayment on a credit card or loan.
And, should the
IVA process arise due to unforeseen circumstances - such as illness - it is possible to have the credit record reflect this.
"Lenders check your credit report when you apply to them so that they can see if you've been a responsible borrower in the past," Experian explains.
The organisation previously advised that debt solutions such as
IVA help do not have to be seen as a negative thing.
In a previous MSN Money article, readers were told by Experian that being proactive about their financial situation can be seen as a positive step.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
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