At this pointin time I don't care about my credit rating, will still have mortgage that we are paying off and mobile phone plus utilites etc., never want to see another credit card in my life.
I hate them too...I'm always preaching to my boyfriend to get rid of his. He doesn't even have a debt problem. I must be soooo boring now! Every time he goes to make a big puchase I make him have a coffee and reflect....yawn!
It's not exactly like you were 18 again, when you were 18 it was like a brand new file was created for you with nothing on it as soon as you applied to a company who did a credit check.
All info good and bad stays on your credit file for a rolling 6 years, so whilst you are in a iva and paying bills on time and running your bank account in credit you are also building up some positive history too if those companys report to the CRA.
As the bad stuff will come off 6 years after it has been registered, the good stuff will still be there, so your file will look good at this point all be it you'll most likely not have any credit commitments on the file except for a mortgage or agreed finance if you have it.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I'll never say never to another credit card I must admit, as I think they have their uses and with my new found skills of paying for everything I would like to say I'd put a couple of things on it and then pay it off in full each month. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I will probably take something out like a Vanquis card once completed, use it for petrol and then pay it off each month. That, together with mortgage, secured loan, mobile phone etc., will build up my credit rating.
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
Exactly! I'm not likely to need a mortgage again, but might need credit for a car or furniture in the future so I'd like to think I could build up a decent credit rating.
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
"Completing an IVA and being credit worthy are a million miles apart!!! Any hint of credit problems in the past and applications will be refused. As for your credit score you will have to start small regarding building up a picture lenders can trust"
In response to the above my car needs to be changed before the IVA drops off my credit report permanently in March 2012 so would some banks accept me for a loan if i could show my completion paperwork and prove that the IVA was finished and show them a payslip?
Also if i took a savings account and could show that i had been saving for several months and was responsible would they consider me even if the APR was higher than normal?
I was considering requesting after 6 months of it finishing if i can prove i had made substantial savings that i could request a meeting with the bank manage personally to put my case across?
Hi
I think you will struggle with credit until the IVA is off your record, I wouldn't take much notice of your credit score from the credit reference agencies.
If you need a car I would recommend Duncton, yes the APR is around the 20% mark but they are interested in wether you can pay going forward rather than what's happened in the past. My experience is that the cars are excellent as is their customer service.
If you are no longer paying your IVA you could use part of your disposable income to fund the car finance.
Good luck
Regards
Well thats what i was thinking the income that doesnt go into the IVA will go into a savings accout so i can save around £500 - £600 per month so can build up some good savings very quickly.
Thats why i was thinking of the meeting with the bank manager if i have saved £600 per month for 6 months once my IVA has completed then it shows i have money and pose a significantly lower risk.
I have looked at Duncton and there finance deals and yes it may be difficult to get credit but apart from the APR there cars are overpriced to start and looks like a cash in on people with bad credit if i am honest.
I'm afraid that for those of us who have been in an IVA then it is needs must when the devil drives. It may be high APR but at least you can get a car.
At least they are willing to sell cars to people who are in an IVA, just come out of one, or are bankrupt.
By all means speak to your bank manager, but I think you will find it difficult to get credit through them for a few years.
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
Even people without IVA's are struggling to get banks to loan to them at the moment, so for people who have an IVA still on their record there is no chance.
If life is what you make it, I must have been in a strange mood when I made mine
Afraid I'd have to agree with you Pandy, it is a shame that once the IVA is completed we are probably in better position financially having no debts than others who are currently struggling to pay their debts.
It is a shame the banks don't see that. It is a case of accept the high APR offered, or wait for all the bad credit to drop off your credit file after the 6 year mark.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I wont have a problem with credit for years as after the 6th year on March it dissapears off the record so my record will show a good score and there will be no trace of the IVA so that wont got against me.
I pay my phone, gym and car insurance by direct debit so there is already repair work in the back ground.
I also need to apply for a mortgage in 3 years or so time so hopefully that wont be a problem but like i say once the 6th year ends its off the record, no trace of it. Although by then saving £500 plus a month i probably wont need the finance and will be able to but a car outright!
I hope you get the credit you want, but I'll be suprised if you can get it so soon after your IVA is completed. We have plenty of posters on here who have not been able to go out and get credit.
Bear in mind as well with a mortgage, you are going to need a very hefty deposit.
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
