Having completed my IVA in 2010 I applied for a Vanquis card in June 2011.
My credit limit has just been increased from £500 to £1250.
I only use it for pre-budgeted purchases and pay the balance before the due date.
I also avoid transactions which attract fees.
I am aware that it would be very easy to get back into debt, but it can be useful for internet shopping, and as long as I stay in control it is not a problem.
I doubt I will have a credit card again but I will use credit for things such as furniture or cars.
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
Good question Paul - not heard about that but hopefully someone who has a card (and I know Skippy and Andy both have one) will be able to help.
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
I definitely think credit cards have a place after an IVA.
I have 2 credit cards, 1 visa, 1 mastercard (you never know when one network will go down) and that's my lot. Some of you probably think I'm mad.
Both have what would consider average APR rates, as my cards are not based on my UK credit file.
My credit history in the Czech Republic is building quite nicely, whilst also providing the comfort of better protection than debit cards. The limits are reasonable and to be honest i'm using them to pay for things and then moving money from my current account to pay for them, so in essence i'm paying by "cash" anyway.
I guess the most important thing is do you trust yourself. If you don't then don't do it.
I have to say I'm never gonna get carried away with them again, I'm actually enjoying saving money every month and seeing it grow.
To be honest, I'm not actually spending much more than i was when i was in my IVA, the budgetting of an IVA has definitely stuck with me, which HAS to be a good thing. [:)]
The other reason is debt collection in Czech is a much more scary prospect as unsecured debts can actually (eventually) be deducted directly from your salary by use of an "earnings attachment order".
Scary hey! I can't imagine that situation on the debt i had in the UK (roughly about 37k)
Last edited by animaleyes76 on Mon Mar 05, 2012 3:41 pm, edited 1 time in total.
Jan, I've just seen your post about the credit limit - I didn't ask them to reduce it as £250 wasn't a high enough limit as due to the billing dates I'd have 2 months spending on the card. I trust myself now and it's come in handy for things with the wedding. I know what I can afford and I pay it off in full each month.
Although I can understand the posts with people saying they will never touch credit again, I think it is short sighted to wonder why other people want to.
As Andy has pointed out, credit is a useful tool. I for one am very keen to rebuild my credit history as I want to be able to buy our own home one day as we are in rented at the moment.
Every IVA is individual and everybody's requirements post IVA will also be individual.
Glad you're sorted David. Just be careful how you use it.
I won't have a credit card or store card again but I'd have interest free for furniture and certainly would take out finance for a car.
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
Credit and credit cards do have a place and a use ... but we sometimes do get a bit evangelical (bit like a converted smoker). Those of us in the early years are still licking our wounds and swear off credit at every opportunity. When you fall off a bike, the best thing is to get back on .... but you still have to have a little think and a wobble or two first :0)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
hi
i would never touch finance for a car again,far too expensive i would rather save and buy one cash.
i am in control of my finances now and have never been happier since my iva ended,i dont spend much more than when i was in the iva and can now save my iva payments each month.
sometimes i think i am still in my iva because i got so used to it,so i still pay the payments in to my savings account.
proof that there is life after the iva!!!
take care everyone and thanks for the good advice denis
