My IVA finshes on Feb 28th 2011 how soon after should i see my score start to increase and would i be able to apply for say something like car finance within the first 12 months after as i need to change my car but cannot do so until after my IVA has completed in 5 months time and could not really wait another 12 months until it dissapears off my credit file altogether.
I would guess if they did a credit check and i had my completion certificate that should be good enough to get it through the finance and prove i had completed my IVA and that i was completely debt free and credit worthy?
Your IVA will remain on your file for 12 months after you have completed and then will drop off. Once you have finished you should check your credit record to make sure that there are no defaults registered after the date of acceptance. If there, then write to those creditors to tell them to remove them.
You can start to rebuild your rating by making sure bank accounts, mobile phone contracts etc., are up to date.
As regards a car, you will probably need to try a firm such as Dunctons. High APR but they will give you finance.
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
Im not so sre about what your saying i am going to contact experian regardign this ro see what happens to scores in there experience during that last 12 months.
As far asi can see it will be on record but say debt fulfilled and IVA completed so there would be no reason for a company to fail me applying for finance.
The IVA will remain on your record so you are unlikely to be able to get credit until that has gone.
There are also two other CRAs, Call Credit and Equifax which need to be checked.
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
I would say it is highly unlikely that you will get car finance whilst there are defaults on your credit file. Even if the IVA has been satisfied.
They look at the past history and any sniff of bad credit most companies will decline the application. Those that may accept may charge silly rates of interest so I'd steer well clear for the next 12 months and work at getting your credit files corrected if they are wrong.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Duncton will give you car finance as they take on board those with a less than perfect credit history. It is high APR though and you will need a deposit.
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
Hi guys i had a very pleasant surprise i took a 30 day free trial with credit expert to see the state of my credit file and see what my score was.
Now i still have 5 payments left on my IVA before it is complete but my score is 900 out of 1000.
That means technically i could get credit right now so after 4.5 years my score is healthy and if my score remains at 900 it means i could get credit with a few short months of completing my IVA how weird is that!
If the IVA is active and there are defaults registered it is still unlikely that you will be offered credit at normal rates. This is because they also look at the information in the file and not just the credit score.
In terms of scoring, the score given by the CRA is just an indication only. Each lender will have their own scoring criteria, that criteria is highly guarded by the banks and they wont tell you how they scored you.
I've worked in a bank where people have had high scores, but had defaults on their file. Each time the case was referred onto the credit department and their application declined.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I totally agree with inaiva. You are unlikely to be considered for credit whilst an IVA and/or defaults are showing on your file.
Criteria does vary - I was turned down or a fully Nationwide account pre iva with a perfect score, but Barclays gave me an account and a credit card.
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
Indeed Jan, each lender does have their own scoring system and lending criteria, which is why you can be declined at one bank and accepted at another as you have found out.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Exactly! Took an hour and a half from leaving Nationwide with a basic Flex account (cash card only) to getting a full Barclays account (still open and being used). We even told Barclays about the problems with Nationwide and they opened an account.
You just can't say who will say yes or no.
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
As long as you are up to date with your bank, mobile phone contracts and anything like that, then it will all help towards building up a credit rating.
The IVA will drop off after six years and any defaults after original acceptance need to be taken off the file once you have completed.
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
Gareth.84 wrote:
My IVA finshes on Feb 28th 2011 how soon after should i see my score start to increase and would i be able to apply for say something like car finance within the first 12 months after as i need to change my car but cannot do so until after my IVA has completed in 5 months time and could not really wait another 12 months until it dissapears off my credit file altogether.
I would guess if they did a credit check and i had my completion certificate that should be good enough to get it through the finance and prove i had completed my IVA and that i was completely debt free and credit worthy?
Completing an IVA and being credit worthy are a million miles apart!!! Any hint of credit problems in the past and applications will be refused. As for your credit score you will have to start small regarding building up a picture lenders can trust.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I'm a long way off yet but am thinking about getting a credit card I can use to buy petrol once a month...and pay it off the next day! It's like being 18 and starting afresh all over again.
