I made my last iva payment in march 2013 and I am wondering if I am now free to apply for a credit card to help me rebuild my credit score. I note from the forum people are recommending the vanquis card. I would also like to apply for credit to change my car. Do I need permission from my IP to do these things?
Have yop received your completion certificate? If not, then you're still bound by the terms of the IVA which include applying for credit. You need to receive your completion certificate first.
When you finish your IVA once you’ve got your CC and six years has past and you’ve checked and cleaned your CR your credit rating repairs itself and it will likely be in the 900+ and you can get a regular card.
Until your certificate of completion is received and your details are removed from the insolvency register you will be at the mercy of your IP still. You will need their permission to gain credit for a replacement vehicle....once you have that certificate you are free to do as you like.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
If you have paid all of your payments into the IVA, then you have completed all of your obligations and thus the restrictions on you seeking credit are no longer applicable, but you may find it difficult to source borrowings with the IVA still on your record.
Mel, is that before you've received your certificate? I do understand that it may be difficult as the IVA remains on your credit file. I need to source a newer car, had this one from new in 2003 and to be fair it's done it's job but finding more and more going wrong now. I have been looking around but awaiting my certificate so don't want to jump the gun. Having said all that after discussion with hubby about car situation I think we'll just save as the thought of credit is frightening me at the minute so I'm not ready to get one just yet.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Lesley I feel exactly the same way as you regarding credit I think going through this process teaches you a hard lesson. I too need to change my car and I understand from GT I could be waiting 7/12 months for my certificate to come through. This is a long time to wait if you need to change your car and it would take sometime to save the money required. It's difficult to know what to do for the best really
My understanding is that GT will hold you to the terms and responsibilities of the IVA until they finally issue a completion certificate -- notwithstanding that you have paid all the agreed dues.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It would be nice to hear what the actual legal obligations are, rather than GTs own stance? Based on what Mel has stated above its probably not legally binding that you cant obtain credit once the IVA has technically finished, even if you dont have the cert.
Maybe the important thing is the final review after last payment has been completed and your case is in closure, afterall the proposal normally states a period is allowed for "administration purposes" to close the case so you would think once you're in this administration period your obligations (as far as I&E, salary increases, bonuses, obtaining credit etc) have ceased? What do the experts think, maybe Karol can clarify the legal standing of ones obligations once the case is in closures (IE the admin period)?
That would seem logical, ivoriva, and to be honest, that is what most of us signed up for: 60 payments and a duration of 66 months ( including 6 months admin). I would hazard that, once the 66 months has expired, if you have not had a formal extension, they haven't got a leg to stand on.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Lesley - it is academic in your case, as I am closing your case this weekend anyway, however if any clients of mine have completed all of their obligations to their IVA, then I have no issue in them seeking credit before their Certificate of Completion.
The advice I provide on this forum is usually with full and proper knowledge of the legal position surrounding such advice.
