IVA Question

Misteeq

Hi,

I am 18 months into a 5 year IVA plan. When I took out the IVA I was advised this would stay on my credit file for 6 years - the duration of the IVA (5 years) and an extra one year after the IVA is finished = 2028.

If my parents were to pay off the IVA in full in November 2023, would the IVA show on my credit file until 2028 (the full 6 years) or only until November 2024? (one year after it has been paid off in full).

Many thanks

flipflopflo

The IVA will stay on your credit file for six years from when it was put in there. I think it will be marked satisfied though. 

sourcrates

Yes, as above, doesn't matter what actions you take, it won`t leave your file any earlier.

Misteeq

flipflopflo said:

The IVA will stay on your credit file for six years from when it was put in there. I think it will be marked satisfied though. 

Thanks for your reply. 

If the IVA was marked as 'satisfied' on my credit file after the IVA was paid in full, do you know if my credit score will be improved straight away? And would this help with opening a joint current account with my partner and obtaining credit in the future? (Most banks will reject a joint bank account due to my IVA, so our only option at the moment is a joint savings account. Plus I don't want his credit score to be impacted negatively because of my low credit score).

I'm definitely not planning on obtaining any credit in the future as I have learnt from my past mistakes (and I have a very good partner who is fantastic with money and has no debts!) - I was just wondering.

Many thanks.

flipflopflo

While the IVA is on your file then any joint financial products with you will affect your partner. I suggest you don’t get any joint products until it falls off your file. 

Misteeq

flipflopflo said:

While the IVA is on your file then any joint financial products with you will affect your partner. I suggest you don’t get any joint products until it falls off your file. 

Thank you

If the IVA was marked as 'satisfied' on my credit file after the IVA was paid in full, do you know if my credit score will be improved straight away?

Thanks.

sourcrates

Misteeq said:

flipflopflo said:

While the IVA is on your file then any joint financial products with you will affect your partner. I suggest you don’t get any joint products until it falls off your file. 

Thank you

If the IVA was marked as 'satisfied' on my credit file after the IVA was paid in full, do you know if my credit score will be improved straight away?

Thanks.

Credit score isn`t a thing in this country, its credit history that matters.

The score you see is only seen by you, and is not used to ascertain your credit worthiness, lenders score you using there own private scoring system, the CRA score is nothing more than a marketing gimmick, you will note they act as credit brokers, they sell loans/credit cards based on fictional score improvement hopes, its all a con really.

Your credit history will reflect events, as they happened, you will become more attractive to lenders once all negative information drops off your file, the granting of credit is determined using credit history, and by your personal circumstances, not what number is next to your name.

flipflopflo

Until it drops off it will be a very slow assent. Just make sure that you do a credit file clean up once the IVA is marked satisfied so that all your defaults drop off on or around the same time, there is a sticky over on the bankruptcy board with instructions on how to do it. 

But be aware that your number on your credit file means nothing. Every company has their own system to decide whether you are worthy or not. They will look at your public record on your files ie: they can see the IVA and defaults and then use there own algorithms to decide whether to offer you something. 

Misteeq

sourcrates said:

Misteeq said:

flipflopflo said:

While the IVA is on your file then any joint financial products with you will affect your partner. I suggest you don’t get any joint products until it falls off your file. 

Thank you

If the IVA was marked as 'satisfied' on my credit file after the IVA was paid in full, do you know if my credit score will be improved straight away?

Thanks.

Credit score isn`t a thing in this country, its credit history that matters.

The score you see is only seen by you, and is not used to ascertain your credit worthiness, lenders score you using there own private scoring system, the CRA score is nothing more than a marketing gimmick, you will note they act as credit brokers, they sell loans/credit cards based on fictional score improvement hopes, its all a con really.

Your credit history will reflect events, as they happened, you will become more attractive to lenders once all negative information drops off your file, the granting of credit is determined using credit history, and by your personal circumstances, not what number is next to your name.

Thank you, that is very helpful

Misteeq

flipflopflo said:

Until it drops off it will be a very slow assent. Just make sure that you do a credit file clean up once the IVA is marked satisfied so that all your defaults drop off on or around the same time, there is a sticky over on the bankruptcy board with instructions on how to do it. 

But be aware that your number on your credit file means nothing. Every company has their own system to decide whether you are worthy or not. They will look at your public record on your files ie: they can see the IVA and defaults and then use there own algorithms to decide whether to offer you something. 

flipflopflo said:

Until it drops off it will be a very slow assent. Just make sure that you do a credit file clean up once the IVA is marked satisfied so that all your defaults drop off on or around the same time, there is a sticky over on the bankruptcy board with instructions on how to do it. 

But be aware that your number on your credit file means nothing. Every company has their own system to decide whether you are worthy or not. They will look at your public record on your files ie: they can see the IVA and defaults and then use there own algorithms to decide whether to offer you something. 

Thank you, that is very helpful