Hi. I am afraid you can't. The credit rating will remain useless until 6 years from the date of the start of the IVA. Once the IVA is completed, you have a year to tidy things up so that it drops off the record at 6 years. During that year and beyond you can start getting green ticks using cards like vanquis (carefully!) and keeping bank accounts and mobile phone account etc in order.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy - your rating will be useless until you are finished, and then you need to start building up your rating.
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
The obvious point is that - as a current snapshot - someone in an IVA will fail to enjoy a credit rating of any use. I am not sure exactly what happens at the ( successful ) conclusion of the IVA, perhaps if an IVA sits on some sort of credit system, perhaps it falls away.
My question is more about acceleration. For instance, heading into the closing period of an IVA ( the final n months ), could one, for example, take out a small credit facility, perhaps something like a car loan, conditional upon receiving the consent of the supervisor.
I may have read somewhere that this might be possible, and that would paint a different picture from the period commencing day 1 post the conclusion of the IVA, so a start of sorts rather than starting to build up from a cold start.
re the response
" Paying utility bills and mobile phone bills on time will help improve credit ratings while in a iva. " - I am sorry I don't understand that, I would appreciate some further clarification if possible.
Hi whilst in an IVA you are unable to take on any new lines of credit and it would be very doubtful you would get any anyway !
The best thing to do is to wait until your IVA has finished and then ensure all the defaults are removed if entered after the IVA has started, and it shows as satisfied.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thanks Liz. I know of at least one person who has succeeded in obtaining a new line of credit. To sit back and wait until an IVA has finished might not be the best thing to do if there is a way of starting up, in some mall way, a positive credit picture before then.
You make good point about removal of defaults, thanks.
I thought I had covered the need to agree this with the supervisor in my earlier post " conditional upon receiving the consent of the supervisor. " - sorry if I didn't make this sufficiently clear.
One model suggested to me, which might work, is where a person subject to an IVA, but wanting to get back in the game with a ( small ) credit agreement, would have a guarantor to a new loan in the background, in order to address the point ( Liz ) " it would be very doubtful you would get any".
The main issue is that the IVA remains on file for 6 years from the date of acceptance and regardless of what else is on file,the IVA will blow any chance of credit out the water,other than perhaps a payday loan(and you dont want to go near them!!).
Some utilities companies report to exqifax etc so good record of payments with them can help,being on the electoral role helps too,as does having a contract mobile phone.
You cannot however fast track the IVA off the file so anything else you can do is pretty pointless.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Our credit file right now has many positive things on it,ie the contract phone and utility bill payment history but my score is still junk because of the insolvency which totally undoes anything else. But once its gone the good payment history on the few things I have mentioned will show up better!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by marksmiles
I thought I had covered the need to agree this with the supervisor in my earlier post " conditional upon receiving the consent of the supervisor. " - sorry if I didn't make this sufficiently clear.
One model suggested to me, which might work, is where a person subject to an IVA, but wanting to get back in the game with a ( small ) credit agreement, would have a guarantor to a new loan in the background, in order to address the point ( Liz ) " it would be very doubtful you would get any".
Sorry Mark I missed that bit in your earlier post. I have just had a look at my proposal and I can only ever get £200 max credit with my IP's approval. It does not mention being able to get credit with a guarantor so I wouldn't want to advise on this.
Personally I will be waiting until the IVA is over then building up my rating again with our mobile phone contracts, our utility credit and possibly a vanquis card.
Where you mention contract phone perhaps that is a good example of a small thing which could help one start to build up a picture. Recently I had assumed I would not waste time applying for a new contract phone as given the requirement for a credit check . . .
All good suggestions, I had a look at Vanquis and that certainly seems suitable for purpose. I know you said you would be waiting, but to me it begs one question - where you can only ever get £200 max credit with your IP's approval, would that, theoretically, provide a platform for a Vanquis card with a ( £150 or £200 ) limit? If the answer was yes, surely that would constitute an acceleration of a sort I was referring to in my original post?
To be honest with you, the advice on here has always been it makes no difference to your credit rating whilst the IVA is still on your record.
It's not a topic that I am 100% about so hopefully someone else can explain it more clearly but I don't think we would be able to get any credit (apart from usual credit for gas, electric etc which is covered in most IVA proposals).
