Life post IVA

[cooltony]

Hi all,

I completed my IVA and applied for a Vanquis card back in Feb. today i closed my vanquis account becuase I garanteed acceptence for a Santander 123 card which means i can earn money for using it, providing i pay it off in full, which i always do! The point of my post was to show in how little time you can go from a "poor credit - credit card" to a mainstream one. I also had a Capital one card which is closed too. The only cards in my wallet are now the Santander and a Nationwide card. Its been 5 months since i comepleted my iVA which lasted 6 years and it seems my sensible management of my cards is building me a good histroy. Vanquis also increased my limit to £1,000 and when i said i wanted to close my account they offered me a bigger increase and a lower rate but i just didnt want to use thier card anymore.

I hope my post helps people who are in a IVA to see there is light at the end of the tunnel.

[Foggy]

Excellent post Tony .. and well done on your graduation to the normal credit world

[seagulls]

Light at the end of the tunnel for us all !!

[Shining]

That is very positive for us all. I've got the vanquis card at the moment and it's doing its job for me, pop a small amount on per month and pay off in full, in the hope that like you I can get a main street one.

[TheMatrix]

Time does heal and once your credit file is cleaned you will very likely be accepted though your bank.

[baldy]

Hey Tony great post.

Its nice to see we can get to build our credit rating to a better level with a bit of planning again.

Would you say you use your cards in a different way now that you have been in a IVA?

Well done

Baldy

[TheMatrix]

I use my card now for petrol pay at the pump and this gets paid off.

I also use it for Section 75 protection.

[12 months to go]

great news cooltony

SNAP !! I got my completion certificate 1st November

I gained a Nationwide select credit card in April with 12 months int free as my credit hostory had repaired ( i only used this to pay for hol which I have funds saved for , but am getting 5% interest on the case in my nationwode flexdirect account ) I plan to pay the card off with what ive saved , but may as well take advantage of int free .

I also took out 12 months int free credit last month on possibly a daft indulgence, but told myself as i had been skint for 6 years with few treats i could do this now. Ive set up a standing order on top of the DD for the same amount so that i repay in 6 months not 12. this may improve my credit score even further, but its more a case that i want it paid off.

ive been very strict with myself with the credit card. My rules are no day to day living expenses eg food , clothes etc, as this is how i got into trouble 7-8 years ago. So far so good

dont want to sound smug , but ive been there , worn the tshirt and rummaged in the reduced to clear section at morrisons every week for 6 years out of necessity , so now im IVA free and having a second chance, theres no way im going to fall into my old ways.

In all honesty, the balance I have on the card at the minute worries me , even though I have more than this saved, but common sense tells me its better to leave this in the Nationwide and get 5% interest. I have to trust myself now as im 47 & its taken me 47 years to learn the importance of money. Thanks to my IVA

Stick with it everyone no matter if starting out or mid way through. I had a efw bumps and one huge bump along the way, but manged to get through to the end

[12 months to go]

hi Baldy

i most definately use my cards differently, as per my rambling post before this one

the iva taught me one of the biggest lessons ive had in life

I just wish I had lived within my means all those years ago.

[cooltony]

Hi, I clear my balance in full every month. I use about 200 in petrol on one card and other things on the other card. I don't use my debit card at all and I just keep the money in my account and pay in full te day the bill is produced.

My credit limits now between my cards is about 6k. I think with my cash back cards I will get about 300 back a year for just using them!! I do use all the cards and I also buy things that my family want and get the cash off them to pay the bill, like road tax, insurance etc etc

[luluj]

Cooltony and 12 months to go ..... Admire your will power... Personally i wouldn't want £6000 of credit available ...... My Next account offers me £3k and i have requested this be reduced to £1k ..even then it worries me and as soon as i spend on it i pay the bill on-line ..often before the statement date!

[kev59]

luluj, I could not agree more,
having made my f&f payment, just need the cc.
I will be thinking about getting a c/card.
but will never have one with more then a £1000.

[Tina Shortland]

Great post Cooltony. As well as being in an IVA and getting support for that, or thinking about applying for one, all that any poster wants to see is there actually is light at the end of the tunnel.

You are using a credit card in the wisest and most efficient way which is now actually benefitting you rather than crippling you. Best wishes with everything and well done for getting to this point.

[footiemad]

It's great to read your positive posts about life after the CC - keeps me plodding on through some rather difficult times at the moment. Keep posting x

[12 months to go]

stick with it footiemad

i had hurdles through my IVA and for a great deal of the time was well and truly skint ie couldnt have speant £5 in the supemarket the week before payday , sometimes 2 weeks before.

Often i thought i would never make it to the end and always expected my IVA to go wrong , ever the pesamist !!

Now i feel great and i view money differently. Yes ive got a card again, it made me feel good about my achievement ie finishing my IVA.

fingers crossed and best wishes, most people make it to the end , even though at times you may think you wont get there