www.iva.co.uk

Hi all, I have just received a letter from Vanquis saying I have been pre-selected to apply for a vanquis card. I make my last iva payment soon. I wonder when I am allowed to apply? Also am I likely to be accepted? Thanks

I dont know the answer but I would like to know if it is worth applying with two years to go on mine, I want to stsrt building my credit

You shouldn't apply for this until you have your completion letter. Best to wait.

You won't necessarily get one anyway. You've just been invited to apply.

Shortly after completing I was accepted for a Capital One card with a £1000 limit! Think it helped that I had a mobile phone contract which had been running for quite some time! Ask your IP if you can apply before gaining your completion certificate! Mine agreed prior to issuing the cc!

I wouldn't apply until you have your completion certificate and have dropped off the insolvency register.

At that point you are very likely to be accepted.

Hi IVA closure and welcome. As advised it may be worth waiting for the certificate prior to applying but if in doubt speak to your IP.

Be careful with some of these cards, if used correctly they are a great way to re-build your credit rating but they should be used carefully as some charge a high rate of interest. I know it is a rock and a hard place but if you clear the balance every month you will be doing ok. Hope this helps. Sam

Thanks for the replies. Just want to start rebuilding credit rating and would pay it off every month. Wasn't sure if I had to wait for completion certificate as this may take a long time to come through.

hi ivaclosure,

Vanquis must be marketing a lot this month, as my husband and I have had the same letters 3 times in the last 2 weeks !!

us too twice in 1 month i presume its because we only have 6 payments to do x

I applied after I received my completion certificate. Only got £250 limit & 45% interest rate. However, it's good to have an emergency card in my purse.

If you do apply and get a card, make sure you set up a monthly standing order with them to clear the balance.

...no surprise about the marketing - Christmas is round the corner, and it must be awfully tempting for some of us in IVA's / with adverse credit etc. to get one of these cards.

In my view, if you think there may be a chance of not paying the full balance straight away, avoid. Interest rates are astronomical.

Are Vanquis targeting Year 5 IVA's by any chance from the Insolvency Register?

I am beginning to get bombarded with these, in the post and in my email, and I still have three years to go !!!

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MrsR

hi ivaclosure,

Vanquis must be marketing a lot this month, as my husband and I have had the same letters 3 times in the last 2 weeks !!

Yes I have had 3 from them in last 2 months ,completed in April no cert yet.

When I rang them I did say would having been in a IVA imply it being a waste of time for me to apply, they said no. APR of course very high but if used wisely.

Going to apply I think

Not sure Thematrix.

My husband and I are only 8 months into ours !!