Some people in IVA's have a Vanquis card but your arrangement will probably stipulate that you cannot exceed £500 of credit and any credit has to have the agreement of the I.P. Best to avoid further borrowing though . Is there a particular reason you need one?
Why do or would you need one?? An iva is meant to allow you to live within a budget without the need for credit!! Not that I think this totally happens or is reality!!!!
Don't think I will bother with getting a credit card post IVA -- managed well enough without and, in the year I haven't been having to pay the IVA I have managed to save a modest nest egg for small emergencies.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Some need a credit card for work purposes and if this is so then maybe a word with your IP. Some just like one for security of something to fall back on. I have one now that I'm out of the IVA but don't think I could have trusted myself that whilst in one but each to their own and personally I would run it by my IP just so there's no surprises at any point.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I must admit, when first going into the IVA I did panic without a credit card to fall back on --- not for running out and buying the latest TV, but to get me out of a hole if the tyre burst while away from home, or some such. After 30 years of having "plastic in my pocket", being without was a shock to the system.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I gave up on creditcard for 6 years and only recently reinstated one for use and even opted for OD service.Debitcards cards can be used like a credit cards these days. Authorisation taken on purchases unlike maestro cards.
One CC is enough maybe two.Chose Nationwide select with best great rates.
Don't recommend those aqua or vanquish cards.They are still bad credit credit cards.
Credit building is aways required so using a CC is useful. Bank monitor credit usages so it is a way to get in on their good books.
We do not have the £500 limit in our proposal in fact it actually states 'No Credit to be allowed during the IVA'. I quite like that though as it means I have to live within my means and am never tempted.
If life is what you make it, I must have been in a strange mood when I made mine
It is always important to read the wording of your own proposal as the I is for Individual so they can all differ.
I use my credit card for a small purchase each month and pay off in full, I'm still trying to be brave enough to apply for a High Street one but it is what I actually want.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
In my opinion I would always seek approval from your IP whilst in an IVA before taking out any sort of credit.
My understanding of the £500 rule was this was targeted for things like monthly car insurance and utility bills etc .....
Like others whilst in an IVA why would you require a credit card if your allowances have been set correctly ? I hear what Lesley says about needing it for work purposes, but I would still seek other ways before taking a credit card out.
I have one credit card now, with a small balance on this month for the first time since our IVA ended ....and I am in panic mode and want to clear it immediately ...don't like not being in control at all !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I put my Vanquish credit card 'pre-approved' offer letter and application form in the bin yesterday morning. Managing very well without a credit card thank you very much.
In my opinion having got an IVA to sort out your debt problems I don't see the point of getting a credit card which could possibly further your debt problems, so I would steer well clear.
