www.iva.co.uk

Hi all this is an excellent forum and i have used it lots and lots of times. Truly inspirational. It's now gone 6 years since IVA journey began and I have been having an affair with all 3 credit reference agencies ever since. Only Experian kept my IVA on record after 6 year point. However I joined the 30 day free trial and phoned them. They have now removed my IVA from the public information section and consequently my rating went from fair to Good.

My current situation now leaves me in a situation where I only have a mobile phone contract and my salary being recorded by all 3 CRA's. My surplus monies go into savings.

My question is how do you improve your credit rating as in the near future I would like a mortgage with my partner. Additionally how long do you need to wait after your IVA finished to apply for a mortgage. My iva finished Jan 2011 and now removed by all 3 CRA's..

I will say this to everyone currently in an iva - it was like a cloud stuck over me but knowing there is an end kept me going. Hang in there and persevere because once your debt free the feeling is fantastic. Challenges are then clearing your Credit Reference Agency files and starting another love affair with getting a mortgage.

Thanks for any advice on mortgages.

Hi,

Glad you are all sorted now.

Keeping your mobile, bank account etc up to date will help. You could try getting a credit card such as Vanquis - if you pay it off each month then it will all help.

Are all defaults clear from your credit record? If not then you need to write to those creditors and tell them to remove all defaults post IVA acceptance.

As to a mortgage, one of our experts is a mortgage broker and he has helped several posters. His name is Ryan and you can find his details under the 'Ask a Question' link on the left hand side of the page. Give him a call to see if he can help.

Thank Kallis. I keep coming onto the forum and reading posts. It almost is an education and makes you feel like a debt advisor lol. I know from posts Vanquis help but wondered how long you had to wait before say my bank would consider giving a credit card. The interest rate should be better. Not seen many posts about how much time needs to elapse before getting mainstream credit again. Indeed don't even know if there is one. Thanks - your an inspiration to all Kallis too. You do a really lovely job in making people feel better. If there was an award you deserve it.

Thanks

No idea with your own bank but of course if you pay Vanquis off in full each time then the interest rate doesn't matter.

Let us know how you get on if you ring Ryan and thank you for your kind words.

Thanks. I will seek his advice.

On another note does anyone know what utility bills get reported to CRA's? This may help improve my rating. My partner has all these in her name.

Not sure if they do or not - can't remember seeing mine on there but then it has been a while since I last looked!!!

In terms of your own bank you would need to ensure that all defaults and the IVA are removed from all 3 credit files before applying.

Hopefully your bank will have seen how well you have maintained your account internally and accept you for a credit card after an external cra check.

Only once the IVA and defaults have gone should you approach your bank though.

Ian 1968 british gas utility companies show on experian

Your council tax and being registered on the electoral role all play a positive part in building your credit rating.

As to a mortgage - Kallis has pointed you in the direction of a worthwhile man !! He sorted us out with a mortgage and I know he has also help 5/6 others already with more in the pipe line - definately work giving him a call and seeing what he can advise.

Good luck and keep us informed as to how you get on !

My IVA was completed in June 2010 with the certificate being issued in August 2010.

In October 2010 I applied for a Vanquis card and was refused.

I re-applied in June 2011 and was issued a card with a £500 limit.

I have used this card for some spending which would otherwise have gone on my debit card or my Cashplus prepaid card, and I have paid the full balance every month so as not to incur interest charges and I have avoided transactions such as easyJet and foreign purchases which would attract extra fees.

Last week I received a letter telling me that my credit limit would be increased to £1250 in March 2012.

I also have a contract mobile phone for which I passed the credit check in December 2010.

If you behave well you will improve your credit rating, but it might not be instant.

Fresh from a IVA you're effectively like an 18 year old again with no real credit history. Lenders can see you've not had any credit in the last 6 years, albeit nice green ticks from some companies will obviously help.

One of the other ways to rebuild your credit limit is using a catalogue. Again this requires a level of self-control in ensuring that you pay off the balance straight away. I always make sure I have the money that I would have spent in the shop first, then order from the catalogue and pay as soon as the bill arrives. This will be recorded on your credit file and show a positive payment pattern. I have a couple of these catalogues (Marisota and Fiftyplus) however these do not earn comission, but will, if not cleared each month, incur interest, so make sure you fully understand the terms and conditions before using.

Thanks for all the advice. Ian

Hi Ian

Several good pointers above , although I'm not what nick jones means a when suggesting NO CREDIT CHECK PAYVDAY ADVANCE - nick jones could you explain in a little more detail please and apologies if im being thick !

In terms of utility companies I know yorkshire water are just about to start reporting to the CRAs. Also cashplus prepaid MasterCard do a credit builder service so maybe google them and see what you think

I think I may be fortunate , as my score which was 230 2 years ago , is now 920 after having one 6 years and all defaults , iva public record etc falling off; nationwide even upgraded my account the other day and said I was eligible or an overdraft , but once bitten twice shy and I told he cashier I learned my lesson years ago and politely declined , I remember walking out of nationwide with my head held high feeling things were back to normal.

I do believe though that any Financial institutions you included in your IVA , keep records for many years after the 6 yrs mark , so when considering ANY future credit card , loan , mortgage etc , you need to be very careful you avoid anyone who's debt you took into your IVA

Good luck , great post for those still in an IVA and the long slog of an IVA is definitely worth it when you get out the other end and for Me, boy did it teach me a financial lesson that I only wish I had grasped 30 years ago ! [8D]