Getting credit after an IVA

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CreditCurious
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by CreditCurious » Mon Dec 24, 2018 3:35 pm
Hi, I have just entered into an IVA. I had 15 creditors, some of which where the same company, ie: Amazon, Debenhams and Aqua are all Newday cards. I was wondering if anyone had any luck after completing an IVA with getting credit from companies that they owed money to when entering the IVA, that has subsequently been written off.
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Foggy
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by Foggy » Mon Dec 24, 2018 3:52 pm
I don't think I have credit with any past creditor (bit difficult to remember who is alied to who these days), but I have had no problems getting modest credit from several companies since my credit files cleared.
CreditCurious
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by CreditCurious » Mon Dec 24, 2018 4:13 pm
Foggy wrote:
I don't think I have credit with any past creditor (bit difficult to remember who is alied to who these days), but I have had no problems getting modest credit from several companies since my credit files cleared.


Thanks for the answer Foggy. I think I was specifically interested in AMEX, I found them to be a brilliant creditor with a very handy card for international travel. Just hope I haven't burnt the bridge, I'm assuming I have. Owed them £3.5k, and as my creditors are only receiving 10% of what I pay to my IP over 6 years, I should imagine that there not going to get half of that, especially when interest is frozen and inflation will no doubt increase, even more so with Brexit.

I wonder if offering them a token payment after IVA completion may help?
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Foggy
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by Foggy » Mon Dec 24, 2018 4:35 pm
CreditCurious wrote:
Foggy wrote:
I don't think I have credit with any past creditor (bit difficult to remember who is alied to who these days), but I have had no problems getting modest credit from several companies since my credit files cleared.


Thanks for the answer Foggy. I think I was specifically interested in AMEX, I found them to be a brilliant creditor with a very handy card for international travel. Just hope I haven't burnt the bridge, I'm assuming I have. Owed them £3.5k, and as my creditors are only receiving 10% of what I pay to my IP over 6 years, I should imagine that there not going to get half of that, especially when interest is frozen and inflation will no doubt increase, even more so with Brexit.

I wonder if offering them a token payment after IVA completion may help?


I doubt it -- many creditors don't have the ability to account for random payments against the defaulted debt, as the original account would have been frozen. There is also the possibility that the debt would be sold on during the course of the IVA and any extra payments would be due to the new debt owner. Also, bottom line, it is contrary to the spirit of the IVA and, even after closure, word of favouritism could jeopardize the whole arrangement retrospectively if other creditors got wind.
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plasticdaft
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by plasticdaft » Thu Dec 27, 2018 9:24 am
CreditCurious wrote:
Foggy wrote:
I don't think I have credit with any past creditor (bit difficult to remember who is alied to who these days), but I have had no problems getting modest credit from several companies since my credit files cleared.


Thanks for the answer Foggy. I think I was specifically interested in AMEX, I found them to be a brilliant creditor with a very handy card for international travel. Just hope I haven't burnt the bridge, I'm assuming I have. Owed them £3.5k, and as my creditors are only receiving 10% of what I pay to my IP over 6 years, I should imagine that there not going to get half of that, especially when interest is frozen and inflation will no doubt increase, even more so with Brexit.

I wonder if offering them a token payment after IVA completion may help?

No point making a token payment but once your credit file is all clear they will make a fair decision on lending to you again. You might have to build up slowly but they wont hold it against you forever.

Paul
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