www.iva.co.uk

I am now ready to start looking for a car and apply for finance 6 years after my IVA

I have been keeping an eye on all my credit reports and all defaults have dropped off.

My Experian Credit Score gave me 961 which is an excellent rating and Equifax gave 410 which was a good rating.

I have a current account with a £300 OD facility which is all good and also have a VAnquish card with a Limit of £500 which is in good order and a Mobile phone contract also.

Hopefully I won't be turned down when apply for finance. (All a bit nerve racking)

I will keep you informed

Best of luck polar.
Hope it goes okay for you and well done on completely turning your financial situation around. This is a great encouragement for anybody entering into an IVA or currently in an IVA.

Thanks

Hi Polar

Please keep us informed as I will be in the same situation after April hoping to finance a new car once everything falls off my CRF.

Best of luck with your application!

I am sure you feel delighted that your credit record is normal!!

We are just beginning on the IVA journey and I was wondering does it actually improve. Roll on Sept 2015 lol xo

(Not that I intend on getting credit again, but it does help occasionally.)

Well I have just purchased my first car for 6 years.

An Audi A4 Cabriolet. Cost £9500 and I was cleared for finance with Santander at 7% Flat rate or 14% APR.

It just show 6 years after IVA, defaults all gone from my credit records and I am now Human again.

(I made sure I had checked all 3 credit reference agencies before applying for finance)

There is light at the end of the tunnel.

Good news Polar, glad it's all working out for you.

Great choice Audi. I love mine!

And long may that light shine!!!

Well done polar, enjoy your Audi!

I have an A3 1.9 TDI sport and I love it to bits, although I will admit the interior is not as spotless as I would like.

I blame the Sizettes.

Regards.

Congratulations Polar and best of luck with the Audi. Quality car "Vorsprung Durch Technique"!

Thanks

Hi Polar!

Congrats on getting your car!! I'm fairly new to the forum. Might be a silly question but did you complete your IVA a year ago and now after the 6th year you have restored your credit rating?? I have 12 months left....hopefully if I can release equity this year!! So am keen to know how quickly we can get ourselves back on track...not that I want credit - although a new car would be great!! Fed up of smoky bangers now!! lol!!!

Natalie

1st Nov 2011 for me and it can't come soon enough

You're both on the downhill stretch now!

Nat - you would be able to change your car before then if you use a firm like Duncton.

APR is quite high, but they do finance for those of us with a less than perfect credit history.

Nat14 wrote:

Hi Polar!

Congrats on getting your car!! I'm fairly new to the forum. Might be a silly question but did you complete your IVA a year ago and now after the 6th year you have restored your credit rating?? I have 12 months left....hopefully if I can release equity this year!! So am keen to know how quickly we can get ourselves back on track...not that I want credit - although a new car would be great!! Fed up of smoky bangers now!! lol!!!

Natalie

It will take 6 years from the inception of the IVA for all defaults to drop off your credit file. It actually takes a little longer.

I had to email the respective finance companies etc to make sure my defaults were correctly dated. A number had the wrong dates.

Firstly make sure you get a copy of all your credit files. (Call Credit, Experian and Equifax.) I subscribed to all 3 companies and kept a keen eye over the last year. This made sure the IVA was shown as completed and that all defaults showed the right default dates. I had to get 50% of my files corrected.

Once all the credit files were clear did I then apply for my car.