My IVA final payment was in April 2012. No completion certificate yet (with GT) but it's coming soon.
Checked my credit file this week and my defaults have gone. So applied for a Vanquis card and was accepted! Can finally start rebuilding my credit score.
Of course I'll never do anything other than pay the whole balance off each month (lesson learned!).
But for those at the end of/completed IVA just a note to say there is hope when it's finished and things do gradually recover.
It is a good feeling when you can get back into the world of credit again. As long as you clear the balance each month it can be a very useful tool. I still have my Vanquis card after all these years as they were the first creditor to take me back on, it has a zero balance but I do use it now and again. A few years ago I had booked a holiday with TravelCity direct only to find out they had gone into administration, had paid on my Vanquis card and got all my money back. Credit cards are very useful if used in the correct way
Hi Hunter1,
would you mind me asking what kind of limit they gave you as I would like to apply but am a little scared to be honest having learnt my lesson!.
You normally get between £250 and £500 to begin with. They do write regularly and advise they are increasing the limit. I have £1000 limit now and have advised them not to increase it any more. That is more than enough credit for me to contend with now!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by skint til payday
Hi Hunter1,
would you mind me asking what kind of limit they gave you as I would like to apply but am a little scared to be honest having learnt my lesson!.
Not got my lmit yet - waiting for it to come in the post with the card. Will let you know when I recieve it - thanks.
my wifes had one for at least 2 years.she finished her iva about 3 years ago,and she has a limit of £2250.
she uses it every month and pays it off every month so no intrest is accrued.does not really matter what the limit is or the % as if you pay it off theres no intrest.it can come in very handy when you need to pay for something there and then.gives you that breathing space.
cc received 6th January 2014 now upwards and onwards
I must admit they have a place -- like when you break down in the middle of nowhere, or hotel booking ... and, as long as it is paid off in full, as you say, the punative rate isn't a concern.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I've used mine each month and paid it off in full each month. Going to have a full body MOT next month costs £230 and then my health insurance from work reimburses me in full so that'll be the most it's ever had on it. They always reimburse you within a week so no worries it won't be paid.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
