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Posted: Fri Feb 14, 2014 10:13 pm
by Sara.rt
Once you take out an iva will this be against your name after the 5 years is up and will you have bad credit score ?
Posted: Fri Feb 14, 2014 10:19 pm
by ginger323232
your IVA will show on credit file for 6 years plus - assuming you have you completion certificate
Posted: Fri Feb 14, 2014 10:46 pm
by Foggy
As Ginger says your IVA will remain on your credit files for 6 years from the start of the IVA -- as long as you have your formal completion certificate by then.
Posted: Sat Feb 15, 2014 5:24 am
by luluj
It does take a while to rebuild your credit rating ...things like mobile phones, current accounts etc all in good payment order help. A number of forum members have also taken on a credit card which surprisingly boosts your credit rating ..so long as you pay it off each month.
I recently bought a new tv and was offered 0% finance for ten months .... Despite the money in the bank i took the 0% option as this reports on my credit rating.
Posted: Sat Feb 15, 2014 5:41 am
by Adam Davies
Hi
On paper your credit record will be affected for an additional year, so 5 years whilst you are in an IVA plus one extra year, six years total
Regards
Posted: Sat Feb 15, 2014 7:59 am
by topgear
Hi, we completed our iva in September 2013 and received our certificate very shortly after. I checked my credit rating on completion and couldn't believe it was over 900!!. I asked my ip, who said payments into iva count towards this like. I wont use a credit card again, that's what got us into the mess in the first place....but we desperately needed a replacement car for work, so I tested the water by applying for a finance agreement with LLoyds bank who accepted us (ironically, one of our previous creditors). We now transfer the payments we made into our iva into a savings account, which also adds to credit file. All in all, our Iva saved us from financial and personal ruin. Good luck to you.