How long does an Individual Voluntary Arrangement (IVA) stay on my report?

If you’re struggling to make your payments, you may have spoken to an insolvency practitioner to get an Individual Voluntary Arrangement (IVA). An IVA is another type of insolvency; a formal, legally binding agreement to pay all or part of your debts.

Your insolvency practitioner will work out what you can afford, and they’ll divide the money between who you owe. It’s worth noting that only unsecured debts will be written off at the end of the IVA; any secured debts will still be outstanding. An IVA is less severe than a bankruptcy, but it will still damage your credit score. If the IVA fails, your creditors may ask your insolvency practitioner to file for bankruptcy, which would damage your score further.

The Insolvency Service will report the IVA to the credit reference agencies, meaning it will show in the Court Information section of your Checkmyfile report. The IVA details will include a start date, whether it’s active or discharged, and when it’s due to drop off your report. It’ll come off your report after six years, so long as it’s been discharged.

Any accounts included in your IVA will stay on your credit report; they’ll typically show as defaulted and will remain on your report for six years from the default date. Once the six year mark has passed, it can take up to a month for the account to drop off completely.

An IVA shows on a public register meaning anyone can see it, including prospective lenders, which may stop you from being able to get any further credit.