Visa debit cards give the same protection as credit cards Skippy, Credit cards give consumers protection under section 75, if you have a VISA debit card, you have the same protection but it's under visa's chargeback scheme instead.
Right now the only credit I want is to buy a better car. I would like to do this with a personal loan from my bank, (as this would be a better interest rate) but might need to wait a while to be able to get that. I have also applied for a Vanquis Card, purely to build up my credit rating. Has anyone on here been successful in getting a personal loan post IVA?
Not heard about anyone getting a loan but we have had several posters getting a Vanqyis card.
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
Lem - disagreee on the Debit and Credit card protection - The credit credit makes it the provider responisible - the Debit card does not, as it relys on chargeback
Recent example of this holiday companies and kitchen /bathroom companies going bust
Each to their own on this,some will be comfortable getting credit if they didnt overspend in the 1st place but ended up in an iva for other reasons.
I would love a credit card again because I feel the need to know I have changed sufficiently throughout my insolvency to know better next time,although for years I always though I was in control of my debts,being smart and juggling things around for better rates,but had I stepped back and added up all the loans and credit card debts,well lets just say Stevie Wonder would have seen the hole we were in!!
Rebuilding credit is what you aim to do,re-build as in start again. Small things will help,and perhaps even a small loan from your own bank who may be slightly easier on you if you have never had issues with them.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
With the Vanquis card...there is differing opinions on what good this does for your credit score if you pay it off in full every month as opposed to leaving a small running balance.
At 39% interest, who would want to leave a small running balance. It should still show on your credit score as good practice if it is always up to date.. surely? I stand to be corrected.
Dont forget - if you dont pay it all off - you find the interest is applied to ALL the spend the previous month.(ie say you owe £200 and pay £195 off on statement day - next month you interest will be on all of the balance £200 as you have already have the interest free period - in between statement dates)
Last edited by ginger3232 on Wed Jul 20, 2011 1:13 pm, edited 1 time in total.
I definitely wouldn't leave a rolling balance on my Vanquis card!
Regarding the Visa Chargeback Scheme, this isn't legally binding, unlike Section 75 of the Consumer Credit Act 1974, which only applies to credit cards and not all banks subscribe to this.
Sorry if I have been misunderstood - I am not questioning if it is advisable to leave a balance on the card. But I read somewhere that having a credit card and paying it off in full every month doesnt improve your credit rating at all. That said, thinking about it logically you would still get the little green stars on your credit report (Haven't seen any of those in a while!)
There was a few months a go a few major credit card companies - (barclaycard being one) that closed peoples accounts,because they paid off every month. Meaning they did not make any money from account holders.
So either way you cant win
Last edited by ginger3232 on Wed Jul 20, 2011 4:09 pm, edited 1 time in total.
