Must admit that having got used to having no overdraft for a number of years now, I don't want another one. I can account for every penny now.
I don't want another credit card either, regardless of the amount.
I only feel in control if I live within my means month to month. If I have anything left over, great.
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 chose to get the Capitol One Classic card as i thought it would be a good credit score builder; the £100 limit is perfect as i will only use the card to top-up my mobile phone once a month and then just pay off the balance when i get paid.
I can't really describe how the last 5 years have been as the years have gone by like a flash; i have struggled at times but i am fortunate to have a steady, safe job and have not missed one IVA payment.
My dad took his own life in the early 80's due to being in bad debt, that is what i was told anyway, and i think that people in debt in those days didn't have much support from anywhere and were probably going out their minds with nowhere to turn! I believe that taking out the IVA and having such brilliant support from my IP may have saved me too as i was at real rock bottom when my debts came to head all those years ago!
To everyone who are in IVA's on this forum, just stick it out; you may experience tough times but it is very much worth it in the end, and the light shines bright when you reach the tunnel's end!
I don't want you to think I was having a knock Dave! It's just not for me.
It's each to his own, and I really do wish you well.
Keep us informed as to how the debt free life is going.
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, to some is important. We lost our home and want to buy again, so we NEED to build up a credit rating in the future to stand any chance of getting a mortgage in the future. So this information is invaluable to people like my partner and I. Makes me realise that we may be able to get there in the end.
I know we would only use it as a credit builder too.
Fortunately our mortgage only has a few years to run, so we won't need a new one.
Fully intend to sell and move abroad when that happens.
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
Kallis that is ok, i was in mixed minds about the credit card myself, but i thought that if i wanted to get a mortgage of some sort in the future then i need to try and improve the credit rating a bit.
You can trust me though, the credit card won't be forever, only until i feel that the credit rating is at a good level.
kallis3 wrote:
I don't want you to think I was having a knock Dave! It's just not for me.
It's each to his own, and I really do wish you well.
Keep us informed as to how the debt free life is going.
I know where you are coming from, when you get to our time of life though, you want to be rid of all credit.
If we can manage to move abroad - it will be a cash purchase! No more mortgages.
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 pay for my petrol on mine and it was a good feeling knowing that when the direct debt came out that was it.
When I applied for the card the DD was automatically set to pay the minimum so I phoned Vanquis and asked them to change it so I paid the full amount each month.
Firstly may I congratulate you on completing your IVA I am looking forward to that day.
I too will want to take a mortgage or at the very least look into a mortgage once I have completed my IVA and will probably feel as though I am stuck between a rock and a hard place with trying to build my credit rating up.
I am a long way off that point but I know I wouldnt want an overdraft as long as I live but a small credit limit is good as long as they dont steadily increase it!!
Enjoy your Christmas
Back to square one but what dunt kill you makes you stronger!!
I'm actually hoping that they increase my credit limit slightly as due to the way the billing and payment dates fall there £250 is tight for me.
I usually spend about £100 - £120 a month on petrol and I'm billed on 5th of the month. However, the payment isn't taken until the 30th of the month, which means that towards the end there is 2 months petrol on there and I'm nearly up to the limit!
Well done Pagan_Dave on completing your IVA. It's always good to hear from the people who have successfully completed as it gives us all a lift. Not long for me and can't b***** wait.
