IVA FINALLY FINISHED!!!!

[Shining]

Hi and congrats from me too!


I know some posters have said on forum they gradually build up their credit rating via a credit card and paying it off in full at the end of each month. Mobile phone etc., all help too. x

[ginger3232]

JpJ - you do need to build up some credit - as after years "everything will drop from the credit file" - so future lenders will see nothing that indicates you handle/manage credit well.

The usual mobile phone /small balance credit card/normal account with small overdraft facility and well as ensuring you are on the Elec Roll.

Dont expect people to throw main stream credit at you - right away - it takes time and patience.

Dont uses previous creditors as they are able to keep their own data on you for a minimal six years after the account is closed.

[TheMatrix]

For me I just opened up a cash ISA and have started saving most of my IVA payment into that

Not looking at getting any more credit, although I'm clearing up my credit file. In the future I may get a credit card and pay it off every month to help build my rating so I can get a standard mortgage and get on the property ladder. I'm saving right now though to get a decent deposit together.

[PELDER]

Same here TheMatrix - As I am no longer paying into an IVA I am now putting that money into a Cash ISA instead to try and maintain the discipline of once having to pay into an IVA each month rather than just spending it on things that I don't need, and if I can keep it going I won't ever have to seek credit again - Well, that's the plan anyway !!!!!!!!
Well done on concluding your IVA jpj.

[MRBLUESKY]

Well done JPj and nice to hear from you congratulations,keep posting, your experience in a iva will help others.Owdo Matrix and Pelder.Since my iva concluded ive concentrated on upgrading my home,using cash i save to by things gives you independance.No more debt for me, but i now need to concentrate on saving as the continous bad news of job losses in the steel industry i work in has surfaced. again.

[PELDER]

Hello Ronald - Too right, no more debt for me either as long as I have a job! I hope that your job is safe too, although I've noticed the ups and downs of the steel sector over recent years. It's a topsy turvy world we live in!

[kallis3]

I'm coming up to retirement now (hopefully!) so shouldn't need any credit but I won't rule out getting a credit card again with a small balance and may very well need some interest free credit on a new suite when I'm done! Ours is now 7 years old and showing the wear of three dogs (sometimes 5 depending upon whether or not daughters fiance and his brother and their guide dogs are here as well!)

[jpj]

That has been one plus side to my IVA...no piles of credit card offers on the doorstep every day...the only post I get is the post im expecting!!! )
I dont even want a credit card...its awful to see how interest rates have been at all time lows for several years now...yet credit cards have remained so hi!
I know the last 5 years have been a valuable lesson which i intend to stick to for the rest of my life...never will the banks rip me off like they used to in order to repay their past mistakes!

[PELDER]

I can echo your last post word for word jpj - no junk mail from the banking sector sent to me over the last few years either, and I too will tread warily with those greedy Banks from now on - no more loans or credit cards for me ever again!

[flow13]

Congratulations. I won't be far behind you. x

[Struzzo39]

Fantastic news!!!!! Since starting the iva process weve learnt lessons too. And as for our postman. I cant rememeber what he looks like

[jpj]

Well done flow13......Making that final payment is sooo rewarding!! )

I likened my IVA to a long haul flight....after a while you forget/loose track how long youve been travelling for and just look forward to final touch down!