Hello all - got a few questions....

[mrs-tiggs]

Hello everyone

My husband and I completed our IVA in May this year and are now wondering how we can go about 'improving' our credit rating? I have read that the best thing is to get a credit card but when we applied for a high rate card we were declined (obviously because the IVA is still showing on our records)

Then we have received some mail from a company who claim to clear all our old bad credit history and reset our credit rating. I filed the paperwork in the recycling bin as I thought it was another con but am now wondering is this something real and do we need to have this done?

We are also looking into the possibility of getting a bigger house but mortgages post IVA appear to be a complete minefield. Most highstreet lenders won't entertain us for another 6 years and our current mortgage lender are offering a huge rate for the house we are in, let alone consider a bigger house!!!

From what I have read you need a big deposit (at least 10%) to put down these days and obviously having just finished an IVA we have not saved for some time, so have no big nest egg tucked away [:(]

I now have a million and one thoughts and can't really see any solution, and to be honest feel no better off now that the IVA is finished, than when we were paying it.

We are both key workers but are not first time buyers so shared equity schemes don't seem like an option. So my last thoughts are do we sell our current house, try make a profit and then rent and try save like mad to get a deposit together? Then would we be classed as first time buyers again so stand a better chance of good mortgage deals or a shared equity scheme?

Sorry for bombarding with a million questions but like I say my brain is frazzled and I can no longer see a sensible solution!!

Thanks for reading and look forward to reading any help.

Lesley x

[kallis3]

Hi and welcome to.the forum.

Ignore these companies. This is something you can start to yourselfcwithout paying somebody to do.it for you.

You need to.check with all three credit agencies to.make sure mo defaults are registered against you after date of a acceptance. If there are then write to these companies and tell them to remove these defaults. In the meantime just keep your bank account in order and such things as mobile phone contracts and your record will start to build up again.

[ginger3232]

Avoid those companies like plague - usually they charge money for something you can do on your own.-

There is NO quick way to wipe off your credit history - it will do this on its own - through time.

getting a mobile phone contract /paying council tax/utilities on time - a standard bank account - then it time/patience

It may be worth however checking your credit files to ensure no defaults are placed after the start of the IVA -

[mrs-tiggs]

Thanks for both replies. I did think that this was just a money making scam and glad I recycled it now! [:)]

I have a mobile and all my bills come out of my account every month via direct debit. Everything has been in order so will carry on with this.

Will get onto the credit agencies now. Can I ask is it just Experian and Credit Expert out there? Or is there a million and one people I need to write to lol?

You can tell I'm a bit new to all of this and feel a bit lost now that the IVA is completed. Don't really feel like we've had any aftercare or help on where to go next....

[mrs-tiggs]

Sorry have now googled credit reference agencies and found the 3 companies.

Can I just check what it is that I want from the agencies, just to update my file with the information that I have completed my IVA and send a copy of my certificate? And also to clear any defaults (if any?)

Sorry again x

[ginger3232]

Equifax - is the 3rd one

[ginger3232]

just check each report and check - to see if there are defaults placed after the IVA start - if there is you need to write to the Data controller at each company asking for the default to be removed - enclose a copy of the completetion certificate - If there are NONE - good - you IVA will remain for 6 years regardless - however it should be marked either as completed or satisfied

[sponge]

Pre paid credit cards maybe able to help you load £60.00 on to one and then they deduct £5 per month for 12 months and then write to the credit agencies as loan completed..I first had a look about a year ago at this but onlyI completed my IVA last month and must do something about it myself! I'd like the repair to start as soon as the sixth year is up with the credit agencies as the IVA is cleared off their records then..

[lem]

Experian IS creditexpert, the 3 CRA's are Experian, Equifax and and Callcredit that you would need to contact

[luluj]

We took the following steps when our IVA completed
* sent all creditors a copy of the completion cert and requested they amend their records with the credit agencies to show satisfied and defaults removed or changed to the start date of the IVA
* contacted a whole of a market mortgage broker who worked for us and knew about people in IVA's - he located us a mortgage and we moved within a few weeks of the offer being agreed !
* ensure you are on the electoral role
* contract mobile phones are a good way of improving credit rating
* took on a pre-paid credit card and paid £4.95 a month for them to record a positive outcome each month with the credit agencies

If you want my mortgage broker details I am more than happy to share them with you - let me know - others have had positive successes with him as well !