If you are considering an IVA, it is most likely that your credit rating will already be affected or will become affected quite soon. An IVA is for people struggling to repay their consumer debts. Failing to repay any debt acording to the terms of your agreement will usually result in a creditor recording this on your cedit history. This may last on your credit file for up to six years, which could affect your ability to obtain credit in the short to medium term.