Advise regarding ability to obtain credit after IVA

OA234

Hello !!

I had an IVA. It has been settled. It was settled on March, 12, 2025.

The IVA began on December, 6, 2019. 

Please, can you possibly advise when the debt on my credit profile will drop off ?

Also, what can I do to "revitalise" my credit profile; in case I need to apply for credit in the future ?

In addition, can you advise: if my previous IVA (though written off) may negatively impact my ability to secure credit (personal / commercial [e.g. Buy-To-Let, HMO, etc] mortgages, personal loans & credit cards) in the future ?

Thank you very much.

MattMattMattUK

OA234 said:
Hello !!

I had an IVA. It has been settled. It was settled on March, 12, 2025.

The IVA began on December, 6, 2019. 

Please, can you possibly advise when the debt on my credit profile will drop off ?

Defaults and CCJs drop off six years from the date of default, everything else six years after the last payment. 

OA234 said:
Also, what can I do to "revitalise" my credit profile; in case I need to apply for credit in the future ?

Pay all bills on time, register to vote. Start small wit borrowing, utilities, a phone, a "credit builder" credit card. That being said you might still need to wait 6-12 months before anyone will lend to you. Institutions that you had the IVA with will probably never lend to you again.

OA234 said:
In addition, can you advise: if my previous IVA (though written off) may negatively impact my ability to secure credit (personal / commercial [e.g. Buy-To-Let, HMO, etc] mortgages, personal loans & credit cards) in the future ?

Thank you very much.

Yes, it will. Commercial for longer than personal.

Desmond_Hume

Concerning that only weeks after this IVA was settled you’ve created two threads asking about new credit. Is there an underlying route cause that’s not been dealt with here?

fatbelly

The IVA Drops off in Dec 2025.

You will not get the best deals while insolvency is on your record but follow MattMatt's advice and things will improve

OA234

@MattMattMattU... Wow ! Thank you very much for your responses.. !

OA234

@Desmond_Hume Thank you for your response.. I am trying to assess how best I can move forward from my IVA. I will like to asssess my options... Thank you very much..

OA234

@fatbelly Ok, thank you very much for your response..

MattMattMattUK

OA234 said:

@ Desmond_Hume Thank you for your response.. I am trying to assess how best I can move forward from my IVA. I will like to asssess my options... Thank you very much..

Whilst I agree you should be looking to move forward from your IVA, your desire to get a loan or other credit is not doing that, it is a backward step. 

Pretty much the only debt that makes financial sense is a mortgage, because mortgages are cheaper than renting and over time housing is an appreciating asset, pretty much every other form of debt is a negative, varying from somewhat negative to hugely negative. Spend the next couple of years saving, put the money you spent on debt repayments each month into a savings account, do not borrow any money beyond things like monthly payments for utility bills, a phone, paying a card off in full every month, be sensible and rational. After a few years you will be in a position to be able to get a mortgage, but again, avoid other debts. 

You have two choices, learn from your mistakes, the ones that lead you to an IVA, or start borrowing again and repeat them. I know what choice I would make, I hope you make the same one.