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IVA – impact on credit rating

Posted in IVA News on 31st July 2010.

Entering a formal insolvency procedure will have a negative impact on your credit rating.

This means that if you enter an IVA (Individual Voluntary Arrangement), your credit rating will be affected.

The fact you were unable to repay your unsecured debts as you had originally agreed, and entered an IVA, will be recorded on your credit report for six years (so, the full duration of a typical five-year IVA, plus one year after it draws to a successful conclusion). This will make it more difficult for you to obtain credit in the first year after your IVA has finished.

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