Hi. How long after my final payment can i start to rebuild my credit file without it affecting my IVA? I have made all 60 payments on time and my bank (who are aware of the IVA, but not involved in it) has offered to help by upgrading my bank account and offering a small credit limit on a credit card (£500) that i can use and pay off monthly for things like petrol etc. Do i need to wait for the certificate of completion before i am allowed to do this or can i go ahead? The bank will let me have the credit now, but i want to be sure it wont affect the IVA. Im especially interested in the upgraded account which comes with an overdraft and benefits like breakdown cover etc Thanks.
It would be best to wait until you get the letter, it's not totally closed until then.
Well done to your bank for offering you this.
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
Well done on the completion of your IVA. Hope your debt free future is a rosy one and I would wait for the certificate of completion too just to make sure before taking on an account with an o/d All the best. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
My Bank is Smile (Co-operative) They have offered me a 'Smilemore' account which has a £500 OD. I opened my account just before I started the IVA so i had a fresh account to use that didnt involve anyone i had a debt with.
I have that account too, but tend to use the Natwest step one as I only use it to transfer money to if I need a cheque, might be worth me uing it more as I come to the end of my IVA x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
This morning I cancelled the standing order I have that pays my IVA (GREAT feeling!). I had a personal message waiting. It said I was also pre-approved for a loan of up to £8k! I dont want one yet by any means, im happy to enjoy the extra monthly cash, but its interesting reading the forums how people have such different reactions from banks.
In my case I may be lucky, I have managed to save most of the allowance I was given for 'contingency' during my IVA, so I am somewhat in credit which I guess looks good to them.
Hi Roverex
Good news and nice to see your bank supporting you.
Once the IVA is off your credit record, one more year, you should be able to move banks etc if you want to.However as the bank are supporting you then you probably won't want to.
No problem upgrading the account now your IVA has concluded although Jan makes a good point in that it may be sensible not to use any OD facility or card until your IVA has officially been closed by your IP
Regards
First of all well done on getting to the finishing post. It is a great feeling.
Just got to say and this is only me personally - I never want to have a loan or an overdraft ever again. My bank have offered me one but I would not touch it with a bargepole!!! The only credit that I would want would be for a Mortgage.
Thanks for the advice guys. I will upgrade the account, but not accept the credit card for a good while. Its nice to know there are options though.
Hopefully my certificate will be here soon, my case was relatively simple, no missed payments, 5 creditors.
One last question. Can anything go wrong at this point? I have made all payments, so im assuming that since I have fulfilled everything asked of me, nothing else can happen now.
As long as you've met all the terms of the IVA then I'm guessing nothing can go wrong at this stage and your IP will be tidying everything up to conclusion.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
There was one hitch. I missed an annual review, but it wasnt my fault. My IVA switched from Debtmatters to Grant Thornton, and i moved at roughly the same time. Debtmatters didnt inform Grant Thornton of my new address and sent the letter informing me my IVA had switched to my old address, even though they knew my new one. Grant Thornton didnt seem worried once i had regained contact. They just said 'it happens'.
Hi Rovex, well done on the completion of your IVA and what a supportive bank you have too. I like Rayb am of the same mind in that i won't ever have any other plastic enemies or bank loans once my IVA has completed, the only thing that i will have to do however is buy a new car as the one i'm driving at the moment is now 9 years old and will be 11 by the time hopefully my IVA completes, fingers crossed! So that might be forced on me rather than something i want, unless of course i'm lucky that the car will go on and i can save the money for a newish one. Good luck for the future and roll on 2012 for moi too.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Hi Rovex,
Many congrats on finishing the IVA won't be long for the paperwork. I can only echo what people on here have said. My IVA finished in April and I am enjoying the smug feeling when I buy something and they ask if I'm paying by credit card and I can say 'no I don't have one'! I never want to see a loan or credit card again, managed for the duration of the IVA with just a debit card and that's just fine!
Enjoy the feeling and once again well done!!
