question category: IVA

How will an IVA affect my credit rating?
Submitted on: 28th Oct 2008 by Non-Member | Total Answers: 1

IVA Credit Rating - what's the affect of an IVA on my credit rating?

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IVA Credit Rating

It is often suggested that an IVA is without consequences, but it is not true and and your credit rating is definitely one of the casualties.

A record of your IVA will stay on your credit file for 6 years. If the length of your IVA is 5 years as most are, your credit file will show the year for a year after the IVA is completed. However, as you are not allowed to borrow money during the term of the IVA, this may not be an issue for you. If you want to re-mortgage, you are likely to be able to do so but are likely to pay a relatively high rate of interest. 

If you're considering an IVA as a debt solution, you'll find IVA companies in our Debt Organisations section.

Submitted on: 29th Oct 2008 by TA Member

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