Ready for Car Finance 6 years after IVA

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polar
Posts: 85
by polar » Thu Jan 21, 2010 9:18 am
I am now ready to start looking for a car and apply for finance 6 years after my IVA

I have been keeping an eye on all my credit reports and all defaults have dropped off.

My Experian Credit Score gave me 961 which is an excellent rating and Equifax gave 410 which was a good rating.

I have a current account with a £300 OD facility which is all good and also have a VAnquish card with a Limit of £500 which is in good order and a Mobile phone contract also.

Hopefully I won't be turned down when apply for finance. (All a bit nerve racking)

I will keep you informed

 

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Declan at DebtFreeDirect
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by Declan at DebtFreeDirect » Thu Jan 21, 2010 9:21 am
Best of luck polar.
Hope it goes okay for you and well done on completely turning your financial situation around. This is a great encouragement for anybody entering into an IVA or currently in an IVA.

Thanks

 

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MP1965
Posts: 70
by MP1965 » Thu Jan 21, 2010 9:40 am
Hi Polar

Please keep us informed as I will be in the same situation after April hoping to finance a new car once everything falls off my CRF.

Best of luck with your application!

 

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briggadeen
Posts: 333
by briggadeen » Thu Jan 21, 2010 6:44 pm
I am sure you feel delighted that your credit record is normal!!

We are just beginning on the IVA journey and I was wondering does it actually improve. Roll on Sept 2015 lol xo

(Not that I intend on getting credit again, but it does help occasionally.)

 

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polar
Posts: 85
by polar » Thu Jan 21, 2010 6:54 pm
Well I have just purchased my first car for 6 years.

An Audi A4 Cabriolet. Cost £9500 and I was cleared for finance with Santander at 7% Flat rate or 14% APR.

It just show 6 years after IVA, defaults all gone from my credit records and I am now Human again.

(I made sure I had checked all 3 credit reference agencies before applying for finance)

There is light at the end of the tunnel.

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 7:00 pm
Good news Polar, glad it's all working out for you.

 

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MelanieGiles
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by MelanieGiles » Thu Jan 21, 2010 7:52 pm
Great choice Audi. I love mine!

 

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Andy1964
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by Andy1964 » Thu Jan 21, 2010 7:54 pm
And long may that light shine!!!

 

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MP1965
Posts: 70
by MP1965 » Fri Jan 22, 2010 7:45 am
Well done polar, enjoy your Audi!

 

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size5
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by size5 » Fri Jan 22, 2010 9:06 am
I have an A3 1.9 TDI sport and I love it to bits, although I will admit the interior is not as spotless as I would like.

I blame the Sizettes.

Regards.

 

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Declan at DebtFreeDirect
Posts: 1277
by Declan at DebtFreeDirect » Fri Jan 22, 2010 9:11 am
Congratulations Polar and best of luck with the Audi. Quality car "Vorsprung Durch Technique"!

Thanks

 

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Nat14
Posts: 32
by Nat14 » Fri Jan 22, 2010 9:15 am
Hi Polar!

Congrats on getting your car!! I'm fairly new to the forum. Might be a silly question but did you complete your IVA a year ago and now after the 6th year you have restored your credit rating?? I have 12 months left....hopefully if I can release equity this year!! So am keen to know how quickly we can get ourselves back on track...not that I want credit - although a new car would be great!! Fed up of smoky bangers now!! lol!!!

Natalie

 

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animaleyes76
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by animaleyes76 » Fri Jan 22, 2010 11:09 am
1st Nov 2011 for me and it can't come soon enough :)

 

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kallis3
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by kallis3 » Fri Jan 22, 2010 2:00 pm
You're both on the downhill stretch now!

Nat - you would be able to change your car before then if you use a firm like Duncton.

APR is quite high, but they do finance for those of us with a less than perfect credit history.

 

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polar
Posts: 85
by polar » Fri Jan 22, 2010 3:45 pm
Nat14 wrote:


Hi Polar!

Congrats on getting your car!! I'm fairly new to the forum. Might be a silly question but did you complete your IVA a year ago and now after the 6th year you have restored your credit rating?? I have 12 months left....hopefully if I can release equity this year!! So am keen to know how quickly we can get ourselves back on track...not that I want credit - although a new car would be great!! Fed up of smoky bangers now!! lol!!!

Natalie


It will take 6 years from the inception of the IVA for all defaults to drop off your credit file. It actually takes a little longer.

I had to email the respective finance companies etc to make sure my defaults were correctly dated. A number had the wrong dates.

Firstly make sure you get a copy of all your credit files. (Call Credit, Experian and Equifax.) I subscribed to all 3 companies and kept a keen eye over the last year. This made sure the IVA was shown as completed and that all defaults showed the right default dates. I had to get 50% of my files corrected.

Once all the credit files were clear did I then apply for my car.
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