That's good news Ginny, and well done on the Vanquis card.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
One of the most helpful thread I have seen here with real life expert experiences been dished out....very useful!
Generally having an IVA and then completing it doesn't close off the damaging effects it has in getting a future loan.Now if getting a car loan is a potential hurdle striaght after an IVA - then what would getting a mortgage entail beyond the need of a deposit? And in this fanancial climate?
The way to get credit is to show you are good for it - borrowing and paying back in equal measures over a long space of time. I think you need 2 to 3 years of varied credit activities after 5 years of an IVA to rebuild it to a very solid level. The years just add on from the debt fall out.
Cashplus do the credit builder thing and if you are on an IVA - give it a spin.You do have to pay the monthly fee version for the card for this service. That'll give you a few years to get ahead on the credit building task.
I give 'Matrix' the prize here for his insight and help. You should be a 'Forum expert' - to a very important area that hasn't really been discussed here -'getting credit after an IVA' till now that is.
Just think I was going to cancel that card.
ULTIMATELY, YOU MAY BE FREE FROM DEBT BUT LOCKED OUT FROM SERIOUS BORROWING AFTER AN IVA -HEATH WARNING
Last edited by nomoremoney on Fri Mar 25, 2011 11:27 am, edited 1 time in total.
I now have all the defaulted accounts marked as satisfied and with the correct default date.
AND I have my Vanquis Visa (arrived today), with a £250 credit limit to start with. I promptly ordered Mothering Sunday flowers on it,and will pay the bill off when the statement comes.
That's excellent news Ginny - glad you've got that sorted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
