How to Remove IVA from Credit Report ?

remove IVA from credit report

Whether this has already happened or it is just about to remove IVA from credit report, the you get out of your IVA settlement program is definitely a joyous one. And aside from being highly proud of you, now it is time to begin thinking about well-maintained financial conditions. Well, this actually depends on you & no one can possibly blame you for that!

But, this is also true that your IVA settlement program will pose some long lasting impact over your credit rating, and that can take some significant time as well as effort to eradicate it. Well, there might be a certain time in the near future where you need to show your credit score as well as rating for releasing your plan like to purchase some property or vehicle. 

Therefore, if you do not want to be restricted in the near future while purchasing a flat or car, then you should take some measures to boost up your IVA credit card score.

Then, what’s The Next Step?

The very first thing to do after completion of the IVA settlement is to ask your IVA firm to provide you the IVA Completion Certificate. IVA completion certificate is the document that defines you successfully completing your settlement plan – Congratulations To You!

Afterwards, these completion certificates provided by the Insolvency service concerning Your Financial condition will be updated & shown that you are debt free.

Eradicating Yourself from the Insolvency Register

When all the paperwork gets completed, you will get a document of your credit report, that is actually pretty simple and straight to get in this digital world. On the other hand, you can also use different online tools in order to get a complete report for your credit score and ratings.

Comprehending Your Credit Report

When you want to actually find what on your iva credit rating you will find that there is a mixture of magic & science. 

remove iva from credit report

Make sure you verify each creditor with your credit report. As each company has its unique way of credit score. Don’t bother about the credit scores since it will increase when you manage your personal credit in the correct manner.

If you are unable to manage it well, then your credit score will drop, it will become a difficult task to boost it. When you get any kind of credit each and every detail of that arrangement will be shown in the credit report. Details like who you borrowed from, the date you applied, including the payment history will be shown out there. And in case you settle all your bills utilizing the credit, then you will find your Utility account on your file. The below mentioned details will be shown out there:

  • Utility Accounts Credit (like Electric, Gas)
  • Car Insurance (When Paid Monthly)
  • Mobile Phone Contracts

Six Years

The very first time when you start with the IVA settlement program, you must be notified that this iva credit card is shown on the credit report for at least 6 years. In fact, sometimes, it  will still be shown on the credit report even after 1 year of completion of IVA. In fact, if you finish the settlement agreement, it will still remain on your credit report from the starting day. And when the IVA drops off you will find a big improvement on your credit report. 

How to Boost Up the Credit Score Post IVA

As we all are aware of the fact that credit report as well as score is a continuously evolving matter. As this is one kind of snapshot of 6 years of time in your financial history. However the best thing is the credit score can be easily healed if you maintain your finances very carefully. So when you hit the 6 year point, you must have something of a clean slate to deal with.

Popular Blog : How to Approach an IVA?

So that being said, you won’t get the best credit report after you complete your credit fix iva settlement program. As already mentioned in the above section, you need to show your credit firm that you have a good financial condition and you manage it pretty well. Once you can do this, you will be rewarded with a very good report for sure.

For maintaining a good clean report you need to maintain a few things mentioned in the below section. 

  • Never miss a month’s payment or make a late payment. 
  • Try to take small credits 
  • Make sure to avoid small amounts. Try to make the full payment on a monthly basis 

This comes to the end of the How to remove IVA from credit report. Hopefully, we have provided sufficient information and you will be able to remove IVA from the credit report. If you have further questions, let us know in the comment section below.