So last week I received my completion certificate! 6.5 long years of being in an IVA!..My details have been removed from the insolvency register, and all record of my IVA has disappeared from my credit files! Infact Experian give me a rating of 979! (I know this means nothing really) but its still nice to see!
Now, whilst I have no need for credit what so ever, I do know its important to re-build some sort of history, as I do intend on applying for mortgage in a couple of years....on checking my credit reports its showing that I have kept up to date with 2 mobile phone contracts over the last 24 months, and also Experian is showing details of my Virgin Media TV/Broadband payments?(again all up to date).. this the only credit history I have by the looks of it, I am considering applying for a credit card, to pay off every month with stuff like petrol, I have read that people tend to apply for a card like Vanquis/Aqua to help re-build their credit rating, is this still an advisable option to rebuild? Any advice is appreciated..I've been out of the credit game for nearly 7 years..I imagine alot's changed!
Hi Chris - Massive congrats at coming out the other side. You must be so pleased! I can't answer about the credit card query so hoping this will bump your query up for you.
Great news on the completion letter and your current contracts will be a great help.
A credit card will be a help as long as you pay it off each month.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa Thomas
Hi Chris - Massive congrats at coming out the other side. You must be so pleased! I can't answer about the credit card query so hoping this will bump your query up for you.
Hi Lisa,
Thank you! Yes its a fantastic feeling, almost like a new lease of life!...its been a very long, stressfull at times 6.5 years..but yes, so pleased its all done!
My personal opinion is that, at the right time, a credit card is a useful thing for several reasons: It gets you those green ticks and shows you CAN handle credit again, has it's uses in an emergency and when booking hotels and hire cars, gives you protection when used to buy things like TV, and costly electricals and, finally helps you to feel "normal" again !
I was given a Vanquis card and I like the fact that they have a card design in their selection that does not have the word "Vanquis" on it at all --- so it doesn't look like a sub prime card.
Remember, do not use it for stuff you don't have the cash for, use it for stuff you would be buying anyway ( petrol for instance) and pay the balance right away.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
My personal opinion is that, at the right time, a credit card is a useful thing for several reasons: It gets you those green ticks and shows you CAN handle credit again, has it's uses in an emergency and when booking hotels and hire cars, gives you protection when used to buy things like TV, and costly electricals and, finally helps you to feel "normal" again !
I was given a Vanquis card and I like the fact that they have a card design in their selection that does not have the word "Vanquis" on it at all --- so it doesn't look like a sub prime card.
Remember, do not use it for stuff you don't have the cash for, use it for stuff you would be buying anyway ( petrol for instance) and pay the balance right away.
Thanks Foggy.
As I said I actually have no need for credit, I'm fortunate enough to earn a salary that easily allows me to live and save enough that I always have money for emergencies(a position I wasn't in 6 years ago!), however a credit card will solely be for that reason of proving that I can handle credit again, I'd prefer not to have one and carry on as I am, however only having mobile phone contracts on my credit file I feel is not going to benefit me when I want to buy bricks and mortar!
A credit card is also useful for providing protection on certain purchases.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Good point - especially if you book a holiday or buy something expensive. You are covered.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I have a vanquis card I use to get a weeks shopping. I then come home and transfer the money through the evanquis site. Only have a £500 limit but it's more than sufficient. I chose a plain black card that only says vanquis in tiny letters on the back. Have nice green circles and up to date on the credit report.
how long after the IVA finishes should you wait before even attempting to apply for a credit card?, we've got a couple of payments left before the IVA is complete
getting there ....
Got there!!
IVA started 27/10/2010
final payment 27/10/2015
CC received 6/5/16
Off the register 5/8/16
You are better off waiting until the six years is up and the IVA is off your record.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you are going for a sub prime they will accept you once you have your certificate, indeed some have been accepted whilst their IVA was still active!
Vanquis accepted me about a year after I had finished, but while my IVA was still on file ( I finished early).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi yappy, if you credit files are clean on all 3 CRA's then you should be able to apply for a mainstream credit card.
I applied for a virgin CC (the one were you collect Virgin miles for free travel), immediately after my IVA finished. Got accepted with a ridiculous credit limit straight away. Use it for all monthly spend and then pay it off everyone month. (Well just the one month so far!)
You have already made the biggest step by completing your IVA! My additional advice would be 1) Make sure you are registered on the voters' roll, 2) Use a credit card for everyday purchases but make sure you settle at the end of the month in full (you can arrange this by Direct Debit), 3) Keep your bank account in good order, 4) DON'T use pay-day loans - many people think that helps build a credit profile...it doesn't. Best of luck!
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
