Hi, I've managed to pay off my IVA early after three and a half year,s and have got my certificate showing all paid. I've just registered with Experian to check my score and records and it shows I have a score of 999 which is the highest possible, even though it still shows the IVA as not yet paid off. This seems odd as thought it should have brought the score down. Does this mean I can apply for a credit card as want to go on holiday abroad and need one for the car rental? Thanks
It can take up to 3 months before you drop off the insolvency register.
You can apply for a card but like everything in life there is no guarantee that they will accept you.
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.
Credit scores are stuff and nonsense designed to get you to sign up to their service to improve this mythical beast. Prospective lenders go by your history and do not even see this "score".
Vanquis have a mixed record ..... one month they give cards to those still in the IVA and the next refuse someone who has recently completed. Always a bit of a gamble (and probably decided by the time in the month and how many sign-ups they are after).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The IVA will remain on your credit files for 6 years from the start date. So despite paying it off early it will still show and have an impact on future credit applications - you could consider a pre-paid credit card for going abroad if necessary ?
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
