www.iva.co.uk

Hi all.

I am about to make my final payment of a 5 year, 3 month IVA. Friday is my last day and I can't wait. It's been a long hard slog, but I'm about to walk through that door into freedom.

My question is three fold and all relate to what happens after I've made my last payment.

1. How long is it until my credit rating is returned to zero? Is it 6 years after the original defaults / CCJ, or is it 12 months after my final payment is made to my IVA company?

2. In theory, can I apply for credit (in order to establish some good rating) before I've received my certificate of completion? I realise I may still have the default / CCJ on my record for a while, but my theory is that once these are removed, the 'good' credit ratings will be there. Is this correct?

3. What does the Certificate of Completion actually 'give' me? In terms of how I am after my final payment, and when I receive the certificate.

Any help is really appreciated. Thanks all.

R

the iva stays on file for 6 years from the date it starts,check any defaults listed arent dated after that date too.

You could try applying for a poor credit type of credit card anytime and watch the green positives appear on your files.

Paul

Thanks Paul, does this mean that I don't have to wait until the certificate of completion before I'm able to apply for credit?

You should wait until you get the completion certificate, or get approaval from your IP as technically until such time you get the certificate you are still in the IVA. The completion certificate will give you just that completion of the IVA, your creditors can no longer come after you for your debts that were included in the IVA, they by law must write them off.

Your credit file, will probably already have white data from the well managed bank account, mobile phone contracts etc you had whilst the IVA was running. This will help.

Personally I'd wait the 6 years out, go into your bank and apply for a credit card then. You'll probably find you will be accepted then, once all the black data has been wiped.

Alternatively try vanquis after approval from your IP or when you get your certificate.

Thanks for that Matrix. My iva lasted 63 months. Just to be clear, is all the 'black data' wiped from my records after 6 years following the Creditors meeting, or one year after my last payment (because in my case that would be an extra 3 months if you see what I mean, because of 3 extra payments I had to make in respect of equity).

Any help appreciated.

R

It's 6 years from the date of the acceptance of the IVA -- providing the cc has been issued and all defaults were dated correctly.