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2008-02-19 13:34:20
Will An IVA Affect My Credit Rating?
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 The question is - will an IVA negatively affect my credit rating?
The simple answer is - most definitely.
When you enter into an IVA, it is registered in a database that is maintained by the Government's Insolvency service.
These details are then passed on to credit agencies.
Most likely, when you enter into the IVA, you will be banned from obtaining any other forms of customer credit. These notes will appear on your credit report and will be adhered to by potential sources of credit.
The IVA will appear on your credit report, by default, for six years from the date of approval of the IVA. Once you have successfully completed the terms of the Individual Voluntary Arrangement (IVA), it will be wiped clean from your record approximately one year later.
I wouldn't let this discourage you though - you likely need to get a handle on your debt problems, and an IVA is one of the best ways to do this. Credit is what got you into trouble in the first place - do you really need more? Once you have completed the terms of the IVA, credit will be waiting for you should you need it.
So, in summary, an IVA will definitely affect your credit rating and will seriously restrict being able to obtain credit. In most cases, obtaining credit will be impossible.
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