How long does an IVA last and what effect will it have on your credit rating?
An IVA is just one of a few debt solutions that might be available to you. This method is a way of reducing your debt to an agreed amount between you and your creditors, a percentage of which you will agree to pay off over a fixed time period.
Depending on your situation and level of debt, an IVA usually lasts for around five years. For some it may be longer, for others it will be shorter. The time period chosen is based on the amount of creditors you owe and the level of debt you have outstanding. It can also depend on your disposable income each month.
This debt solution will be recorded on your personal credit file and is likely to remain there for up to 12 months after your agreement has finished.