Does an IVA constitute a legal restriction on gaining additional credit while the IVA is in force up three months after completion? I will be completing my IVA in October having repaid 100% of the original 52K plus the astonishing 17K fees that I have been charged. My credit rating remains at average, so given I can easily make the payments, can I apply for a credit card or will they search the insolvency register and refuse it immediately?
After completion the IVA itself has no restriction to you gaining credit. However, whilst it still shows up on your credit reference files, most lenders will not be interested, and those that might be will want an arm and a leg in interest.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think whilst it is on the Insolvency Register and your credit file it will be unlikely that you will get a main stream credit card, you could try Vanquis or similar though.
Technically not until your IVA is completed can you take out credit
There is no restriction on you seeking forms of credit once an IVA has been concluded - as others have said you may find this difficult in the early days. Best of luck!
