It is interesteing that there are "Some" finance sectors that think we in an IVA have not learnt anything or perhaps feel taking what i felt was huge steps in first admiting we needed help then trying to pay back as much as we can is not good enough. Well it seem the tide may be turning, captital one have launched a card which says they will looks at BR or CCJ applicants (if over a year), Not that we feel we would ever go down the credit card route egain the way we did but having one after the IVA is completed may help our credit rating recover, I think there is only one other out there, thought I would share the link, perhaps the banking sector realises that people can change....... http://uk.finance.yahoo.com/news/capita ... 01650.html
ps not an ad or anything for CapOne of course, just thought it was an interesting read
Took The plunge and made the call, changed our family life and we have never been happier. Debt free and wont go back..... IVA was by far the best thing we ever did to teach us the real value of Family and money
You guys in IVAs should never say never to credit once an IVA has concluded. Unfortunately we live in a plastic world these days - where the convenience of using cards to pay for items rather than cash is increasingly the norm. The trick is to make sure you only use them when you know you can afford to make the repayments, and to keep the balances at a sensible level.
I have seen many of my ex-clients successfully get credit facilities once their IVAs have concluded, and there is no reason why not so long as they are used with caution.
Hi in-a-mess-indeed, interesting link and useful for others who may need to look into this. Lets hope C1 are amongst the first to offewr this as a positive occaisional necessity like Mel says rather than another opportunity to start the spiral. The majority of people in IVAs got there for many different unfortunate reasons and will be far more focussed on careful money management post IVA than many who still think they are managing by RPTPP. Credit is not something that anyone wants to jump back into but it does have its uses in sensible conditions.
Watch this space to see who else follows suit....
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Would just like to say that Capitalone do indeed seem to be more sympathetic to us ex iva'ers I finished mine last year and got my CoC a couple of months ago. I waited a month for it all to settle down and then applied for a card ( needed to hire a car for up coming holiday ) Capitalone said yes and with a sensible limit as well. Beware that the interest rate is higher then most but as long as sense prevails its a useful step to rebuilding the old credit file.
How many people take out credit thinking that they will borrow untill they can afford to pay it back? I would say zero.
Mine was due to a spiral of events. Not wanting to loose my house I stretched myself to pay my ex off. Then lost my well paid job. Got anothet job v quickly but at 20k a year less. After a year of juggling credit cards etc.... I entered into my Iva. After one year of my IVA I got cancer.
I'm very cautious about what I spend and I doubt this will change once my IVA is complete. I think my IVA has made me a better person to manage my money.
