After your IVA you will be able to apply for credit again. Information typically stays on your credit record for six years in total - 5 years during your IVA and another 12 months after it is completed, then after this period it should be repaired.

Borrowing after an IVA

You won’t be ‘blacklisted’ on your credit history, so you will have the opportunity to borrow again should you need to. In comparison to bankruptcy, you may find it easier to get credit since some lenders view quite positively the fact you kept up regular repayments in your IVA. Just like an IVA, bankruptcy will stay on your credit record for six years.

For the latest insights and comments on keeping debt free, as well as more information on IVAs, read our IVA Zone Blog.