IVA Advice

Shakey6936

Hi guys,
New to this site and first post. Spot of advice/knowledge required.
I am currently subject to an IVA, and am approaching 3 years.
I have recently got married and my father in law, aware of the situation, has offered to pay a lump sum in full and final settlement on my behalf so we can have a fresh start.
I have read that the IVA stays on credit file for 6 years in total. Will this still be the case if it is settled early, or will it be clear from 1 year after full and final settlement has been accepted?

Thanks in advance.

Charco_2

It will stay on the file for the full six years regardless.

Its your credit rating you see which always dates back six years. So whether you'd done a lump sum one off IVA (which would have lasted six months to a year or so) or a full five year IVA with 60 contributions, it will remain on your credit file for six years.

There may still be some benefit to settling with a full and final payment now but, for this, sometimes as important as the settlement figure is the reason for wanting to settle early... Newly wed might do it!