How long does an IVA stay on your credit file ? Call : 03338803165
Individual voluntary arrangements (IVAs) can have a detrimental impact on your personal and professional life, does an IVA stay on your credit file . However, if properly managed, an IVA can assist you in regaining control of your money. You can improve your financial condition in the long run by adhering to the provisions of your IVA and taking steps to rebuild your credit profile. What is an IVA? A formal and legally binding agreement between you and your creditors to repay your debts over a period of time is known as an individual voluntary arrangement (IVA). This permits you to make affordable loan payments over a five- or six-year period. This means the court has approved it, and your creditors must follow it. Some lines of credit that remain after your IVA is completed are wiped off. A lump-sum IVA allows you to make a one-time payment. What is the purpose of an IVA and how will it affect my life? An IVA normally lasts 5-6 years, however it can be prolonged if yo