Hi, I was wandering if you could give me some advice on re building my credit rating after an IVA. Three years ago I made an early settlement payment. I am now in a good position whereby I have money in an ISA, regular savings and am maintaining a regular bank account. In the future I want to look toward a mortgage and so I would grately appreciate your advice on the best way to go about achieving this.
Many Thanks in advance E
If the IVA is still showing on your credit file, you are going to find things a bit difficult in trying to rebuild your credit rating until it's removed.
As been suggested...6 years must pass since your IVA is registered to see your Credit report improve. That is why I never did the Final Settlement thing as the debt may be cleared, the defaults REMAIN on file as a public notice.
Join Credit Expert from Experian....there is a 30 day free trial....and then £14.50 a month fee to pay to remain. I have post IVA status but still under 6 years since the start; so Defaults and IVA still in my file... But they will drop off as from May 2013.....
Currently my Credit score is 880 - 'Average' with my IVA with twelve IVA defaults on file. Before my IVA started the score was 1095.
So your credit score will go up even when the file is clean with no defaults and marked'satisfied'
The experia credit report is very well layed out....with ID protection and the staff would look into defaults that are not removed for you beyond the 6th year of their recording.
You would have to wait a least a year to go for mortgages as a 'safety measure' if not it will be refused or you would need big deposits.
Experian also tells you what you need to do improve your own file.
Last edited by nonewdebt on Tue Apr 30, 2013 4:53 pm, edited 1 time in total.
Your credit rating will improve immediately after your IVA is concluded and removed from the insolvency register. Using a vanquis card for example will also help and as defaults drop off it will improve further. The biggest impact is when all the defaults fall off and the IVA itself but you don't have to wait for the 6 year mark to see the improvement.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
i did a "sift search with barclaycard who were a creditor with a whopping £50 and they said i had "90% chnace of getting a card" so i applied and guess what??? they declined it. i have complained that after a soft seacrh they decleined me on reasons they knew of already! the reason was becusase of my IVA with them but why encourage people to apply. grrrrrrrrrrrrr
Got married two months after i completed! Building my life back up again but still staying on here to support all those who helped me in my times of need!
Creditors are unforgiving in regards to doing buisness with people with a young past IVA record...especially now...even though it is not written down anywhere to say that this is what happens.It is a form of Discrimination.
There has been more instances of declines than acceptance in credit authorisation from the High street lenders.The fact that the IVA settled past cannot be hidden is also an abuse! Banks should not be allowed to take that into account for making borrowing assessments after the IVA is completed and marked as satified.IVA is about debtor forgiveness isn't it or why allow for it?
With criminality and convictions under National Resettlement Policies
(NACRO),spent convictions to be hidden so not to prejuice those people when applying for jobs. But your IVA cannot be hidden.
-Is doing an IVA worse than someone committing crime?-
Last edited by nonewdebt on Wed May 01, 2013 2:37 pm, edited 1 time in total.
I done a Full & Final back in June 2007. My name was taken of the insolvency register two months later. All debts are marked satisfied. CCJ fell off my credit report file in March of this year. Defaults have just started to drop off. My credit score is still crap! in fact, around 465 out of 1000! Yes I have Vanquis and Aqua credit cards. I always pay balances in full. Nothing seems to be working.
I started my IVA in July 2006 and did a early settlement in May 2010 so I would guess that the IVA should now be off my record ? I have registered with Credit Expert and am awaiting a reply and info on my file. Thank you all for taking the time to read my post and reply with helpful feedback. Anymore pearls of wisdom are always welcomed.
