I did a lump sum IVA in Feb '09, and although it was a lump sum, it still had a theoretical term of 1 year, so this passed in Feb this year, and I got my completion statement soon afterwards, so I am now debt free which feels SO good! In terms of how long the IVA stays on my credit record though, am I right in thinking that it is a full 6 years from the date of acceptance of the IVA, so therefore until Feb 2015? Or because it was a lump sum IVA, and not a 5 year regular payment one, is it different? I was thinking of applying for a Vanquis credit card with a nominal limit, and just put a tenner or something on it each month, and pay it off immediately by bank transfer to try and build up a bit of credit background in anticipation of trying to get a mortgage some time further down the line, but is there any point trying to do this now if the 6 year rule applies or is it better waiting until after 2015? I dont want to have a credit card, the thought of it makes me feel sick actually, but if this is the only way I can start to repair my credit history I dont mind having one just to put the odd couple of quid on if it gets me some credit brownie points. Also, what is the minimum credit limit they will normally issue them with? I would be happy with £50 as I dont need or want it for anything else but I'm not sure if they will issue one this low. Any thoughts appreciated. [;)]
Don't forget that things like your bank account, mobile phone account will all help to build up your credit rating. You could try ordering small items from a catalogue and paying them off straight away. That will help as well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk