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[Ouch]

I realise that my IVA will be on my credit file for 6 years. After this 6 years is up will the record of the IVA totally disappear? I am confused, what exactly will be on my file after 6 years, what about the original debts that were included in the IVA itself?

[Steve Jackson]

Hello and welcome

The record of you having done an IVA will disappear from your credit file after 6 years. So will the record of all the creditors that were involved in your IVA. As such, you will have a clean credit file. However, this will not automatically mean that you will be accepted for any new credit facilities you apply for. Lenders you speak you may well ask you whether you have been in an IVA in the past and you should tell them. It will then be down to them to offer your credit or not.

[Hayden]

Are you worried about getting credit after your IVA Ouch? Personally I am looking forward to not having any more credit. Especially as after my IVA I will be able to keep all the money I am currently paying into it. However, if you want to take credit after the IVA, I think it is possible but like everything you will have to build up slowly.

[Steve Jackson]

Hayden makes a good point here. Once your IVA has finished, the payments you are currently making into your IVA will be yours to keep. As such, you will be a lot better off financially and will be in a position to save for the things you want rather than using credit to buy them. That would certainly be my recommendation for the way to act once your IVA is completed.