Hi James,congratulations on nearing the end of your IVA.
If you want to start building your credit rating back up, a vanquis credit card is your best option. The credit limit if you get one is usually around the £250 mark and the interest is high, but as long as you clear what ever you borrow then no problem. Maybe use it for petrol then pay the bill straight away?
I know we're all afraid of credit but its all about using it responsibly.
Hi James and welcome to the forum, well done on almost completing your IVA you'll soon be debt free and I can only imagine what a wonderful feeling that is.
Your IVA is on your credit file for 6 years from date of acceptance of the IVA but by paying mobile phones, mortgage etc., all helps with credit rating too. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
You will find it very diificult to get a credit card as soon as your IVA finishes, I tried with Vanquis and Capital One and was knocked back by both!(I wanted it to present at hotel check in if they required a security deposit for incidental expenses)
Whilst I can see why they would be cautious, it amazes me that I have been able to pay back £600 per month for 5 years no problem, but now banks won't let me have a credit card where if the credit limit was say £500, I could now pay it back in a month anyway!!
At the end of the day,as I only wanted the card for the sake of convenience whilst travelling, if the banks don't want my money that's fine, I'll just put it in my Co-Op ISA, everyone else can go whistle!
There is also the fact that anything I buy now is by debit card,nd it's a great feeling knowing that there won't be a bill dropping through the door for the new TV or sound system!
After a 6 year IVA and 6 weeks after our last payment we are also experiencing difficulty in getting credit. However Vanquis have given me a credit card and though it has a high interest rate I understand that if you can show that you can pay it back in full and quickly for the first few months then credit limits can go up, APR's can come down and the length you have to pay without interest increases.
Make sure that you check your credit records once completed to make sure that any defaults on there after IVA acceptance have been removed. If not, then write to those creditors to get them to remove the defaults.
It all helps.
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
