financing after an IVA

[steveb32]

Hi everyone, my first post here.
im a little confused regarding my IVA. next month will mark 6 years since i initially took out my IVA, its been paid up for several months now(i finished a few months late due to a payment break i took after me and the wife had an "accident")but im unsure exactly what it means for my credit rating after the six year period. as i understand it the IVA is wiped from my history, but does that mean i can get credit easily? i applied for a full current account a couple months ago and was surprised that i was declined for that despite having a certificate of completion from my IVA.
i need to finance a new truck for my business and have been holding out for next month but im uncertain whats going to happen when i apply for credt and dont want to make my rating worse by failing applications.
im also wondering if there is any different in the credit check they run for a finance agreement or a lease hire agreement as perhaps going the lease hire route would give me a better chance?

thanks for your replies.

[MelanieGiles]

Hi Steve

There is no set route to becoming creditworthy again after a period of insolvency, you will just have to try a number of companies to see if they will accept you.

[TheMatrix]

Get hold of your credit file before you apply, make sure the IVA and any associated defaults are also wiped too.

[Marshall]

Hi Steve

There is no set route to becoming creditworthy again after a period of insolvency, you will just have to try a number of companies to see if they will accept you.

Hi, Steve.
well i think that Melanie Giles is right you have go through a lots of companies and find out one of them which will accept you. And really its only you that can do any thing in this matter.

[David Mond]

Ensure your credit file has a copy of your Certificate of Compliance that your IP would have sent you on satisfactory completion of your IVA.

[kallis3]

Hi Steve and welcome from me.

Can I say congratulations on finishing your IVA? You must be so proud.

Good luck to you and your wife for the future.

[plasticdaft]

If you start applying for credit at numerous places does it not leave "footprints"??

[kallis3]

I think it does Plastic.

[plasticdaft]

So if you go round half a dozen lenders its not going to make a credit file look too good is it??

I am fully aware of how hard its going to be to get credit after my trust deed is done and dusted,but from various posts on here it seems to be a surprise for some.

[kallis3]

I think that perhaps people are under the impression that as soon as the 6 years is up and your record is clear, that you can get credit easily.

It's not that simple anymore. It does help if you have kept a mobile phone contract going and that your bank account is running smoothly.

[plasticdaft]

I remember being 18 and in full time employment and trying to get a loan for a motorbike. It was like banging my head against the wall. My problem was that I had NO credit history so no one would touch me,until I got lombard to accept if I had a guarentor. The bank account and mobile contract and being on the electroral register all help.

[tonyranks]

i think six years is much better than 5 years with satisfied defaults

[KAYKAY]

Some of the credit file companies (I know experian does) can match the best credit cards / loans etc.. they state that if done through them this does not leave a footprint on your credit file. Take a look on their website for some idea of your credit worthiness.

[coachjambo]

Afternoon all,
I finished my IVA in june last year, got my completion certificate in october and since then have been getting used to life without an IVA, which is much better than life with one, but it did teach me a lot of lessons!
I actually pushed my luck a couple of months ago, i applied for a credit card with capital one, read about it first, stating it will help rebuild your score, a week later i got a card through the post and a £500 limit. The reason i have done this is so i can use it a little and pay it straight off, to try help my credit score.
So far so good!

Now i am just a month away for my IVA to come off my credit file, but then what happens? Im excited to find out!

[mattyboy]

The main thing is to check your credit files on all three agencies are clean, rebuilding takes a while but you can't start easily until all the CRAs have clean records.

After cleaning up my credit files I was pleasantly surprised at how simple it was to get back on track with credit.
The key is learning from mistakes and not repeating them.

Dont apply for multiple lines of credit, this will ruin your rating. Instead check your files and use online search engines such as money supermarket that will soft search your file and tell you the likelihood of being accepted for a particular loan or credit card without actually applying. A soft search doesn't impact on your credit rating.

Whilst getting your credit rating from the CRA s isn't particularly meaningful because each lender assesses things differently, I found the Equifax credit rating and checkmyfile rating the most realistic.

Remember multiple credit searches in a short period of time can be viewed by lenders as desperation or even fraud. If in doubt call and ask about your chances of acceptance before applying.