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jonnyboyo
New Member
16 Posts |
 Posted - 01 February 2010 : 16:50:34
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Hi
I have received my certificate of completion last week and am wonder what to do next to help me re build my credit rating?
I have looked at my credit file and there are still defaults on there from HSBC – to remove them do I write to them or will they update it automatically?
Should I also send a copy of the certificate to the credit agencies ?
I am also wondering if is possible for me to get credit again to help me rebuild my profile – i.e. a basic credit card £250 limit.
Thanks to all who reply
John
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luluj
IVA Artisan
35 month\s down 25 month\s to go.
United Kingdom
1391 Posts |
Posted - 01 February 2010 : 17:07:42
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I would write to all your creditors and the three credit agencies with a copy of your completion certificate asking them to amend their records accordinly on the credit agency websites.
Vanquis card is apparently a credit card that alot of people go for purely to help build their credit rating - - although you may have to wait another year before you are totally clear as the IVA stays on your records for 6 years from the start date.
Welll done on finishing it - debt free eh ! |
Lulu
Remain Focused and Positive and all will be ok!
Look at my blog "All I wanted was a baby" |
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plasticdaft
Forum Expert
United Kingdom
4335 Posts |
Posted - 01 February 2010 : 17:24:23
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| You would probably qualify even now for a vanquis card. Use is wisely. |
26 payments down in our protected trust deed. With 16 to go we can start to see some light at the end of the tunnel! |
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jonnyboyo
New Member
16 Posts |
Posted - 01 February 2010 : 20:00:24
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thanks i do get emails from vanquis now saying apply now so i guess i might have to do just to get started again
but i was only 1 year in to my agreement before i made a F & F offer which was accepted so my IVA will stay on record for another 4 years from april so would i be able to apply ? |
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Helen
Forum Expert
IVA completed.
United Kingdom
6244 Posts |
Posted - 01 February 2010 : 21:15:07
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You certainly apply for the vanquis visa card as you are not restricted on applying for credit now, wether you will be sucsesful, I have no idea... you can but try.
Congrats on finsihing your IVA hun,
xx |
IVA Completed
H xx
please visit my blog at: http://ladyh.blogs.iva.co.uk
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Clairbare
IVA Junior
5 month\s down 55 month\s to go.
112 Posts |
Posted - 02 February 2010 : 09:52:12
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quote:
Originally posted by jonnyboyo
thanks i do get emails from vanquis now saying apply now so i guess i might have to do just to get started again
but i was only 1 year in to my agreement before i made a F & F offer which was accepted so my IVA will stay on record for another 4 years from april so would i be able to apply ?
Hi anyone
If you do make a Full and Final whilst in an IVA and this is accepted does the IVA dtay on your credit file for the remainder of the time or do you get a completion certificate to remove it??
Thanks
Clairbare |
Debt free by 2015 xx
Wants to thank this great forum for the help so far |
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kallis3
Administrator
29 month\s down 31 month\s to go.
United Kingdom
36858 Posts |
Posted - 02 February 2010 : 09:54:18
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Hi Claire,
You do get a letter to say that you have completed it, but it will be on your credit record for the full six years from date of acceptance, regardless of when you finish it. |
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
29 down, 31 to go.
Jan
xx
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Clairbare
IVA Junior
5 month\s down 55 month\s to go.
112 Posts |
Posted - 02 February 2010 : 14:19:59
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| So the only benefit of doing this is to possible not pay so much over the whole 5 years - there is no way to build your credit rating sooner - the only reason I ask is because when this is over - if it gets agreed (still very early stages) - we would want to work towards purchasing a bigger house - with 2 boys in a single room i can't see the peace being kept for long :-) |
Debt free by 2015 xx
Wants to thank this great forum for the help so far |
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MelanieGiles
IP
31255 Posts |
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cockerhoop
IVA Novice
United Kingdom
44 Posts |
Posted - 08 February 2010 : 10:56:02
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| ok so if we have done a full 5 years of our IVA and then a further year extra because no new mortgage was available for equity, then when we finish this extra year and IVA is complete we will have no bad credit score because we have done 6 years? is that correct? |
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kallis3
Administrator
29 month\s down 31 month\s to go.
United Kingdom
36858 Posts |
Posted - 08 February 2010 : 11:03:22
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| The IVA will drop off after six years, but you will need to check with the credit reference agencies to make sure there are no defaults still registered after the date of the IVA acceptance, if there are then you need to write to those creditors and tell them to remove the defaults. |
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
29 down, 31 to go.
Jan
xx
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cockerhoop
IVA Novice
United Kingdom
44 Posts |
Posted - 08 February 2010 : 11:56:15
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| thanks Kallis sounds perfect!!! via my employer they have a good lease purchase scheme, seems i may be able to get my wife in that mini clubman estate she likes by the summer of 2011, and scrap the 13 year old Ka i use for work at present! |
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Topic |
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Iva completed - what to do next
