Iva completed - what to do next

[jonnyboyo]

Hi

I have received my certificate of completion last week and am wonder what to do next to help me re build my credit rating?

I have looked at my credit file and there are still defaults on there from HSBC – to remove them do I write to them or will they update it automatically?

Should I also send a copy of the certificate to the credit agencies ?

I am also wondering if is possible for me to get credit again to help me rebuild my profile – i.e. a basic credit card £250 limit.

Thanks to all who reply

John

[luluj]

I would write to all your creditors and the three credit agencies with a copy of your completion certificate asking them to amend their records accordinly on the credit agency websites.

Vanquis card is apparently a credit card that alot of people go for purely to help build their credit rating - - although you may have to wait another year before you are totally clear as the IVA stays on your records for 6 years from the start date.

Welll done on finishing it - debt free eh !

[plasticdaft]

You would probably qualify even now for a vanquis card. Use is wisely.

[jonnyboyo]

thanks i do get emails from vanquis now saying apply now so i guess i might have to do just to get started again

but i was only 1 year in to my agreement before i made a F & F offer which was accepted so my IVA will stay on record for another 4 years from april so would i be able to apply ?

[Clairbare]

thanks i do get emails from vanquis now saying apply now so i guess i might have to do just to get started again

but i was only 1 year in to my agreement before i made a F & F offer which was accepted so my IVA will stay on record for another 4 years from april so would i be able to apply ?

Hi anyone
If you do make a Full and Final whilst in an IVA and this is accepted does the IVA dtay on your credit file for the remainder of the time or do you get a completion certificate to remove it??
Thanks
Clairbare

[kallis3]

Hi Claire,

You do get a letter to say that you have completed it, but it will be on your credit record for the full six years from date of acceptance, regardless of when you finish it.

[Clairbare]

So the only benefit of doing this is to possible not pay so much over the whole 5 years - there is no way to build your credit rating sooner - the only reason I ask is because when this is over - if it gets agreed (still very early stages) - we would want to work towards purchasing a bigger house - with 2 boys in a single room i can't see the peace being kept for long

[MelanieGiles]

I am afraid your credit rating is pretty shot for six years, regardless of the solution that you choose.

[cockerhoop]

ok so if we have done a full 5 years of our IVA and then a further year extra because no new mortgage was available for equity, then when we finish this extra year and IVA is complete we will have no bad credit score because we have done 6 years? is that correct?

[kallis3]

The IVA will drop off after six years, but you will need to check with the credit reference agencies to make sure there are no defaults still registered after the date of the IVA acceptance, if there are then you need to write to those creditors and tell them to remove the defaults.

[cockerhoop]

thanks Kallis sounds perfect!!! via my employer they have a good lease purchase scheme, seems i may be able to get my wife in that mini clubman estate she likes by the summer of 2011, and scrap the 13 year old Ka i use for work at present!