Whilst in an iva no new lines of credit should be attempted unless agreement of your IP.
Why do you want to get a credit card whilst in your iva? If your i&e is not giving you the money you need to live on a review of it might enable a reduction in monthly payment to help.
If you are looking for a credit card as a way of building credit rating tgen it would be advisable to wait until the 6th year when it has all geen removed from your records.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I agree with Luluj - a credit card is not a good idea at the moment and it won't help to repair your credit which will be shot for six years.
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
While the IVA is still on record it will eclipse all of the other information on there, so no real benefit in getting a credit card now --- if you managed to get accepted and if your IP agrees.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
A credit card is always useful in or out of an IVA but having one would have no impact on repairing your credit rating.
That only starts once you have finished your IVA.
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.
Correct me if l am wrong but l understand you can get credit of up to £500 with the approval of your IP.
I hate credit cards with passion but would not having one after year 5 (after completion) help repair credit while waiting for the 6 years? Of course l am advocating for paying the balance off every month. This l think will also give a peace of mind as some purchases(e.g house hold essentials like TV, holiday ) are automatically covered by credit but not debit card payments.
