It's visa that provide the protection, not the credit card company or the debit card provider, either way you are protected.
I didn't say there was anything wrong with getting a credit card, it's just something I personally would not do anymore, I just have a bit of an issue that for some people it appears they are desperate to get credit again asap after an IVA (not saying that is the case here though) and we have seen even on this forum people running into trouble again within a few months of one finishing.
I can see where credit facilities can make life easier and it's all about managing it properly, but it's not for me, I will have spent 5 years happily living without credit so my aim is for that to continue
I agree with Jan - didn't at first and was dead against credit cards again after our IVA concluded, but your debit card does not give you the same back up as a credit card....we have opted for a pre-paid credit card with a credit builder facility attached to it - each month the company reports on our credit files that we have maintained our account ...we add £100 a month to it, and use it once a month for a £25 fuel bill .... anything else we want we save for now, but the credit card balance is there for an emergency situation !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Kallis - you are correct with a Visa Debit - it offers very limited protection as compared with the credit card - When there is fradulent transactions with the debit card - it can and does affect the account straight away - and sometimes with certain banks it can be a up hill struggle to get the money returned . With the credit card (certainly in my case)they freeze the account and re issue a diffrent card number and card within a few days
credit scares me. we will want to move later on so would need a mortgage. i do understand folk wanting to build credit rating for mortgages but i'm still very scared.
if my hubby got into cc's again i'd be v frightened. he had cards i didn't know about.
Nothing stays the same...everything changes..hang on in there!
I would say that you are then very lucky to be in that situation. We however have 2 children, boy and girls desperately in need of some space as they are squashed into a box room so need to repair our credit rating so we can move house.
i think many can learn from their IVA experience. i've never been able to get my hubby onto a proper,sensible budget - clothes,glasses,dental were never accounted for untill now.
BUT, there are some people who cannot control use of a credit card,for those it isn't safe.
Nothing stays the same...everything changes..hang on in there!
when my iva is completed, at some point i would need to change my car, a car loan is the only credit i feel will be acceptable for me to personally have in the future.
although i can understand having a credit card to first build up a reasonable credit history, maybe paying for fuel groceries etc, then paying it off in full each month.
everything else will be saved for, or i will go without.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
when my iva is completed, at some point i would need to change my car, a car loan is the only credit i feel will be acceptable for me to personally have in the future.
although i can understand having a credit card to first build up a reasonable credit history, maybe paying for fuel groceries etc, then paying it off in full each month.
everything else will be saved for, or i will go without.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
At least, post IVA, we will be in a position to be able to save. Our disposable incomes will be OURS, not the creditors (or, worse, pre-IVA, being swallowed up in interest). My plan is to live much as I do now, with similar budgets, and squirrel away what I am used to paying over.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
There is nothing wrong with repairing your credit rating, I just think people should use their time and experience of an IVA to then learn to save for their futures rather than the minute they get out of it, wanting to go back to old ways and gain credit again because they aren't prepared to save for a few months for things.
Must admit, the only big thing I am likley to buy after IVA is a car. And, let's face it, it will only take a few months to get the cash together. I have never gone for new cars, so only spend a few grand a time.
I know it's an extravagence, but will probably go back to a gas guzzler (not cheap to run, but cheap to buy). I will have the cash spare
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
Must admit, the only big thing I am likley to buy after IVA is a car. And, let's face it, it will only take a few months to get the cash together. I have never gone for new cars, so only spend a few grand a time.
I know it's an extravagence, but will probably go back to a gas guzzler (not cheap to run, but cheap to buy). I will have the cash spare
I still want an audi a3.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
