On completion or during??

Barkley_2

Hi

I have read that you are unable to get credit whilst on an IVA. Fair enough, but I have also read that the IVA stays on your record for up to 6 years. Does this 6 years start from the start of your IVA date or does it start from when the IVA is completed?

Thanks

trudij

Starts at teh start - so once you finish (assuming its a 5 year one) you have one more year before it drops off.

Barkley_2

Thanks for that. Not as bad as I thought.

Charco_2

Credit records run for the previous six years, so anything you do now will be on your record for the next six years...

The only thing to be careful about is that although you enter your IVA om one date, your creditors may only get around to updating the Credit Reference Agencies at a later date... as much as two or three years later I've heard! You do of course have the right to have this information corrected by contacting the CRA and your former Creditor but it can be a pain the backside!