IVA last payment and new credit card

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Haze
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by Haze » Sun Jun 11, 2017 8:52 am
My last payment to my iva is this month. I could really do with a credit card now. If I apply now will this somehow effect anything to do with finalising my iva?
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Foggy
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by Foggy » Sun Jun 11, 2017 8:59 am
Until such time as you have your completion certificate you are bound by the IVA -- so would need your IP's permission for any credit over £500 (assuming you have the £500 credit "allowance" in your terms. You are also more likely to be refused, which will leave a stain on your soon to be sparkling credit report.
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kallis3
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by kallis3 » Sun Jun 11, 2017 9:04 am
Agree with Foggy but you could always try a soft search which won't show on your credit score.
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Lisa Thomas
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by Lisa Thomas » Mon Jun 12, 2017 8:46 am
More importantly why are you desperate to get more credit having almost finished your IVA?
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Imhotep
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by Imhotep » Mon Jun 12, 2017 5:55 pm
I'd like to get one asap to work on my credit rating.

Small limit, pay it off regularly etc.
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Oopssidaisies
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by Oopssidaisies » Tue Jun 13, 2017 6:56 am
Thanks for replies. I've done soft search and found I could have one with limit of £250 I think but don't want to actually apply if it will somehow endanger my chances of finalising and completing. My car needs new brake pads and new tyres
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kallis3
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by kallis3 » Tue Jun 13, 2017 7:27 am
If your IVA allows you up to £500 credit you might be ok. Speak to your IP first and don't forget your record will be shot for the full six years and your IVA won't drop off until you get that all important completion letter.
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