What happens after an IVA?

On successful completion of an IVA a Certificate of Completion is issued and the relevant parties are notified that your IVA is over. Your credit report will be amended to show that your IVA has now finished. The IVA will be noted as completed on your Credit report but will remain on your file for a further 12 months. This is because once you enter into an IVA it appears on your credit file for a total of 6 years. This includes the 5 years during your IVA plus another 12 months after it is completed. After this period your credit rating should be repaired.

If you are considering taking an IVA you may be wondering what will happen after the IVA has finished. Many people ask us ”Will I be able to apply for credit after an IVA?” The good news is yes after your IVA you will be able to apply for credit again. The information relating to your IVA will only stay on your credit record for six years in total.

Borrowing after an IVA

After your IVA has finished you will be able to borrow again. By taking an IVA you will not be blacklisted, this means that if you should need to borrow money at some point in the future you can. Borrowing after an IVA could be easier in comparison to bankruptcy, this is because some lenders take a positive view that you were able to keep up regular repayments during your IVA.

If you have further questions about what happens after an IVA a member of the team will be happy to answer them. Call 0161 763 2670 or fill out the contact form. No query is too small we are here to help you back on the road to a debt free life so contact us today.