{"id":3961,"date":"2014-01-30T11:53:01","date_gmt":"2014-01-30T11:53:01","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3961"},"modified":"2019-11-18T12:26:27","modified_gmt":"2019-11-18T12:26:27","slug":"iva-and-credit-rating","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-credit-rating\/","title":{"rendered":"IVA affects Credit Rating"},"content":{"rendered":"\n<p>When your financial situation has gotten to the point where you can\u2019t\n make the debt payments you owe, it sometimes seems like you\u2019ll never \nagain be in a solid position. However, this is certainly not the case, \nand if you use an IVA you can start working in a positive direction in \nno time.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>If you\u2019re at the point of having to consider insolvency measures, and\n possibly facing the end result that is bankruptcy, it goes without \nsaying that your credit rating is going to be damaged. However, choosing\n the right options about how to proceed from this point can make a huge \ndifference to your rating in the longer term.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft\"><img loading=\"lazy\" decoding=\"async\" width=\"445\" height=\"270\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/04\/Fotolia_248648605_XS.jpg\" alt=\"IVA Credit Rating\" class=\"wp-image-3987\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/04\/Fotolia_248648605_XS.jpg 445w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/04\/Fotolia_248648605_XS-300x182.jpg 300w\" sizes=\"auto, (max-width: 445px) 100vw, 445px\" \/><\/figure><\/div>\n\n\n\n<p>Bankruptcy naturally has a severe impact on a person\u2019s credit rating,\n however an IVA typically has a significantly less extreme effect. \nDuring the term of the IVA, you will not be able to take out any more \ncredit agreements. The idea of an IVA is to clear all of your current \ndebts, and so you cannot undertake any more borrowing during this time. \nThis makes the IVA much more likely to be effective, and providing you \nkeep to the required payments, your debts will be considered settled at \nthe end of it, and you will be better able to handle further credit as a\n result.<\/p>\n\n\n\n<p>Once the IVA period has elapsed, you will then be free to start \nrebuilding your credit rating, and can seek further credit if you choose\n to do so. This therefore offers you the ability to repair the damage \nthat getting to this point has done to your credit rating so far.<\/p>\n\n\n\n<p>An IVA is therefore not only a way to stop your debts from continuing\n to grow beyond a manageable point, but also to settle them completely \nand to ultimately put yourself back in a sound position.<\/p>\n\n\n\n<p>One of the main advantages to an IVA is that your current financial \ndifficulties need not continue to haunt you indefinitely. When your \ndebts are out of hand, it can feel as though you\u2019re never going to be \nrid of them. However an IVA gives you the ability to do just that, and \nto start again with a clean slate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bankruptcy naturally has a severe impact on a person\u2019s credit rating, however an IVA typically has a significantly less extreme effect. <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-3961","post","type-post","status-publish","format-standard","hentry","category-iva-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=3961"}],"version-history":[{"count":4,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3961\/revisions"}],"predecessor-version":[{"id":12586,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3961\/revisions\/12586"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}