Get expert opinion. This is the place for new questions to be posted.
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sara84
- Posts: 23
- Joined: Thu May 06, 2010 4:37 pm
- Location:
Hello,
I've made my last payment to GT last month, and have applied for a credit card (i've been accepted for £500)it arrived today. however im now worried that this might effect my certificate coming though.
Can someone please advise? should i cancel?
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madwales
- Posts: 100
- Joined: Mon May 23, 2011 5:48 pm
- Location: United Kingdom
Personally no I wouldn't cancel it. You should be fine.
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ginger3232
- Posts: 2610
- Joined: Tue Jan 11, 2011 4:06 pm
- Location: United Kingdom
Some IVAs state you can have up to £500 credit without seeking permission from your IP - if that the case activate the card and throw it in the drawer for emergencies. As you have not get recieved your certificate you still bound by the terms of the IVA. Would not worry about trying to sort out credit files until after the completetion certificate has been sent.
Last edited by
ginger3232 on Thu Jun 07, 2012 7:27 pm, edited 1 time in total.
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herbekj
- Posts: 553
- Joined: Mon Aug 17, 2009 4:09 pm
- Location: United Kingdom
I assume this is a Vanquis one (or similar), surprised you got it if your IVA is showing active to be honest if you haven't go the certificate and off the insolvency register.
My only advice would be don't use it yet until you have confirmed closure and have received your certificate.
Last edited by
herbekj on Thu Jun 07, 2012 7:27 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
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Broke of London
- Posts: 7761
- Joined: Sun Sep 05, 2010 6:04 pm
- Location: United Kingdom
You did jump the gun a bit as the terms of your iva are in force until you receive the completion certificate. If you aren't allowed credit within your iva, it may be best to let your IP know what you've done and promise not to use it until you've received the CC. x
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Broke of London
- Posts: 7761
- Joined: Sun Sep 05, 2010 6:04 pm
- Location: United Kingdom
Forgot to say congratulations on completing x
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ginger3232
- Posts: 2610
- Joined: Tue Jan 11, 2011 4:06 pm
- Location: United Kingdom
Oh sorry i forgot to - congrats !!!
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Little miss trouble
- Posts: 311
- Joined: Mon May 07, 2012 10:56 am
- Location: United Kingdom
Lol congrats from me. I'm surprised you got credit though? Good luck for the debt free future x
5 years done and dusted. Certificate received.
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Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
- Location:
Congratulations as others say don't use it. Your certificate will arrive in due course.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Muggins
- Posts: 267
- Joined: Wed Sep 19, 2012 11:01 pm
- Location:
Hi! Congrats from me too
I completed in feb and am still awaiting certificate of completion although I have received a letter saying that I have satisfied the arrangement! On speaking to my company they said that I could now get credit if I so wished as I had made the final payment! I too have been accepted for a credit building card with a limit of £1000!! I am very shocked that I was accepted and even more so with the limit I have been offered! I am very budget wise now (the good thing about an iva) and the card will only be used to build my credit history for the future! I am hoping that life can now begin again! Like me you just have to be very disciplined with a credit card! X
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Niobe
- Posts: 5169
- Joined: Tue Jul 03, 2012 9:56 am
- Location:
If you have had that letter it may well be your completion one. It's not actually a certificate - check with your IP to make sure.
Congrats from me as well.
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Muggins
- Posts: 267
- Joined: Wed Sep 19, 2012 11:01 pm
- Location:
It's not the certificate of completion it's a letter which they send out immediately after final payment has been made! I never even thought about the legalities of still being in an iva! I assumed and advised by my company that credit could now be obtained! Just hope that this is correct! Oh dear more stress
x
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Niobe
- Posts: 5169
- Joined: Tue Jul 03, 2012 9:56 am
- Location:
It still won't be a certificate you receive, it's just a letter saying you have fulfilled your obligations to the IVA.
If your company are happy for you to take credit then you should be ok.
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Grant Thornton
- Posts: 468
- Joined: Thu Jul 28, 2011 1:36 pm
- Location:
Good morning Sara84,
Thank you for you post above and congratulations on having received this point in your IVA.
With regard to the query you have raised, I would ask that you contact us in order that we can advise you as to the specific requirements of your arrangement with regard to availing of credit. As per the comments above, the terms of your IVA will continue to apply until your Completion Report has been issued. If you can call us on 0844 855 2166 or email us at
ivacustomerservices@uk.gt.com (please put "IVA Forum" in the subject line) we will be able to answer any queries that you may have.
We look forward to hearing from you.
Kind regards
Grant Thornton
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sara84
- Posts: 23
- Joined: Thu May 06, 2010 4:37 pm
- Location:
Thanks for all the quick replies.
I was shocked myself that they gave me one, i did really expect it. I thought it would be ok as i thought i'd read in my propsal that i could get up too £500 credit- but i've rechecked and now cant see that now (maybe i'd read it on here somewhere over the years!)
Karol- I've just spoken to Neil and Natalie and they have confirmed what you have said, i've rang vanquis and cancelled the account and cut up the card. This has been noted on my account. I really dont want anything to effect the clousure- its been a long 5 years, whats another 6 months in the grand scheme of things?! I just want to get on the propery ladder before im 30!
