regaining and improving credit rating

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danielle

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Post by danielle » Tue Apr 22, 2008 10:12 pm
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Hi
I had an iva running and i paid about 18 months off then i paid and clear the whole lot.In he mean time it remains as bad credit ,please could you advise how i could regain small credit again or even improve my credit rating again.
Thanks
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MelanieGiles

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Post by MelanieGiles » Tue Apr 22, 2008 10:14 pm
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Hi Danielle and welcome to the forum

Your IVA will remain on your credit file for six years from the date of your original creditors meeting - even thought it has been fully satisfied.

I suggest that you start by asking your bank for a credit card with a small limit, which is used just for emergencies.
Regards, Melanie Giles, Insolvency Practitioner
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Emily

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Post by Emily » Wed Apr 23, 2008 1:24 pm
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This is something that people needs to be aware in making final settlements on IVA - your Credit reference still saids you are not credit worthy. Infact some one on an IVA and someone who have finished under 5 years will probably have an equal chance of getting a homeloan - subprime underwritten by a US or European bank.

In today's economic, I see very little point in settling with creditors early....
Last edited by Emily on Wed Apr 23, 2008 1:26 pm, edited 1 time in total.
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