Kath - looking at your credit file while in an IVA is really depressing - thats why most people dont during the IVA !! - its only nearer the end, when you can do something about it.
Have you got a bank account all set up and running ??
I have. Think Banking, part of the RBS Group gave me an account. No cheque book just a debit card. I pay a £15 management fee per month but I have to say they've been really good. No other charges at all and they call or text if they need to speak to me about my account which isn't often as all my bills are paid and on time.
What I have is a bills account and a card account. When my wages credit my account they take an amount enough to cover all of my liabilities transfering the rest to my card account for me to use.
I am pleased with them but this thing where they've team up with Experian has annoyed me to say the least.
Try to open an account with someone like the Co-op - no monthly charges and a debit card as well.
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 know and boy will I be telling them in the morning to stuff it. I bet there are a few people who didn't read the info properly as it did look like junk mail.
Sorry to hear that you aren’t happy with Think Assist. As you rightly say it is a new product, and has a range of benefits one of which is free access to Credit Expert.
We think that many customers will benefit from Think Assist which is why we have offered a 30 day free trial. Again, as you say, the product is optional and you’re able to cancel at any time. We understand that the cost of calling us is an issue and we are always happy to call customers straight back. However, if you prefer you can call us on 0161 605 6921 which may be cheaper depending on your phone tariff.
I’m glad to hear that you are happy with your thinkbanking account. As you know thinkbanking isn’t the same as basic bank accounts as it has a budgeting service built in. Although thinkbanking does have a monthly fee it doesn’t have any charges for overdrafts or returned items. We know that many thinkbanking customers prefer the set monthly fee to otherwise unpredictable bank charges because they know exactly what is coming in and going out each month. Thinkbanking is operated by a sister company to Freeman Jones and although your money is held by RBS, thinkbanking is not part of RBS.
I hope this helps clarify things.
Steven Hewitt - a member of the team at Freeman Jones
To be honest Steven, you shouldn't have any bank charges at all as your account should always be in the black in an IVA.
I agree with Ginger that I don't think there is any need to check your credit rating until the end as there is nothing you can do to alter things until you get that completion letter.
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
Of course it is a matter of personal choice. Many people these days like to keep a regular check on their credit record for a number of reasons. For example if somebody attempts to steal your identity, change your personal details, or applies for credit in your name an alert from a credit reference agency regarding a change to your credit file can often be the first indication, helping you to protect yourself against identity theft. You can also keep an eye on other searches done on your file (for example by insurance or mobile phone companies or even landlords or employers). Monitoring your credit profile can be a good way of keeping an eye on credit agreements that may be outside your IVA such as secured loans, mortgages or hire purchase agreements. Additionally you can check if information is being recorded accurately – for example some clients have found incorrect information on their credit file regarding arrears with their gas and electricity providers.
Clearly, once your IVA comes to an end then you’ll want to access your credit report more frequently to check that each of your debts is showing as satisfied.
As I say, it’s a personal choice and while some people may not wish to have access some will as it allows them to understand what’s included in, and how their credit profile works.
I would also add that Credit Expert is just one of the benefits of Think Assist. For example it gives you access to our team of Financial Specialists. They offer a number of services, for example they can help clients who have a change of circumstances ensure they are getting the correct benefits and tax credits (using IncomeMax and EntitledTo). They can also help clients with problems they may have on secured debts, rent and utilities arrears.
Whilst many basic bank accounts charge if you go into an unauthorised overdraft (and yes some IVA clients do), it is worth noting that many banks will charge you even if you don’t go overdrawn if they return direct debits and other payments unpaid. We have even been made aware that some banks are able to close your account should you have a number of ongoing returned payments. Thinkbanking doesn’t do this.
I hope this has been helpful.
Steven Hewitt - a member of the team at Freeman Jones
Monitoring your credit file is a good thing, paying for it whilst doing the IVA is a waste though. From my perspective I only subscribed to Experian / Equifax after I got my completion certificate and I was in a position to clean it up.
Noddle.co.uk is the free CRA based on Call Credit, what's on there is usually mirrored on the other two CRAs.
I know when I cancelled my Equifax account they gave me 12 months of free monitoring which I snapped their hand off given their recent track record of putting IVAs back on peoples credit files after they have taken them off. I'll be back to them to cancel around March time next year though.
Experian also do a monitoring service for £1.99 a month, when you tell them you want to cancel your subscription they will no doubt try to offer it to you, if you turn down their £5.99 a month offer first on retentions for unlimited access to your report but no score
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
