I WAS IN AN IVA WHICH CAME TO AN END IN MAY THIS YEAR.CAN YOU TELL ME WHEN I WILL NOTICE AN IMPROVEMENT IN MY CREDIT SCORE ASSUMING THAT I PAY FOR ALL MY OUTGOINGS ON TIME.
The IVA will remain on your credit file for 6 years from the date of commencement.
After that you can slowly start to rebuild it.
Mobile phone contracts etc all help too so make sure they are all paid on time.
Some people also apply for credit cards such as the Vanquis card. The APR is extortionate but as long as you pay it off in full every month it will help build some more history.
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
Check for any defaults after your IVA was agreed and get those removed or back dated to the date of your IVA.
Those too will then drop off your credit file in 6 years time too, that will then give you a blank credit file to work with, and hopefully you will have built up some positive history too with your current bank and mobile contract being recorded there.
One thing to consider the Vanquis card is known for rebuilding credit so this may show up as a red flag on your file as someone who has had past credit problems when it comes to getting normal rates later on. e.g. if you were going for a mortgage.
Personally I'm not having another card again, but if you decide to to that wait until your credit file is clear and then apply to your current bank for one.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
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
