So it is now 6 months since I completed my IVA with a F&F. I have done nothing in the meanwhile except keep my nose clean and tidy up my credit files.
Surely the only way to improve Credit rating is to get credit? I went into Carphone Warehouse to get their cheapest possible contract and guess what? REFUSED!! Wife told me well it is on your record for a year after you finish and blah blah blah.
I can honestly say I dont give a toss anymore as 6 months, 2 years whenever, my credit will never be good as no one will give me opportuinty of getting any.
I think people really should be informed that once you complete the IVA that's when IN MY HUMBLE OPINION the hard work starts!!
What I will say is that regardless if you have settle your IVA early it will remain on your file for a total of years from when it started, plus defaults. After then it drops off.
If you are running a good account, catalogue etc.that can normally help build you up also
well jb1520 it stays on your credit file for 6 years after original start date of your iva regardless if you finnish it early.
nothing you can do about that.
everybody knows at the outset thats the case
wasnt you told this by your ip
it will then be a case of like you did trying to start small with a phone contract and the like.
cc received 6th January 2014 now upwards and onwards
Once your IVA and defaults fall off your record, you should be able to get credit again.
Send for a coply of your credit record from the three agencies - Experian, Equifax and Call Credit. You can then see what is held and you can start to tidy it up by writing to any creditors who have defaulted after the date of the IVA and asking them to remove the defaults.
Your bank account, mobile phone conract, mortgage, all will hold you in good stead for building up your rating again.
You can also use Free Annual Credit report - that will show you what your record is like and it won't cost you.
I'm surprised you weren't aware of this as most people are and it is a question asked on here frequently.
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
Jan/anyone else, have you any idea why there are 3 credit reference agencies?? Dont they all hold the same info? Or if you wanted to get a proper look at your credit worthyness would you need to get all 3???
Always wondered that,coz it used to just be experian/equifax and now theres call credit too?
I think the OP is suffering the way that many do after a full and final because they have much longer to wait to get credit,at least if your IVA runs for 5 years you dont have long to wait for the slate to be wiped clean so to speak.Pity its not explianed in that way to some.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I have no idea why there are three. I think they do pretty much hold the same info. Different firms use different ones for credit checks.
I don't remember having it explained to me, but as I used to subscribe to Credit Expert, I knew that stuff dropped off after 6 years.
Fortunately, it is a subject which comes up on here often and so hopefully any posters who aren't sure will be able to read about it.
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 am afraid that it is not the IVA that brings about a poor credit rating, but the fact that you borrowed money you were unable to repay. This will drop off your credit record after six years, and you can then begin to avail of credit freely again - but clearly with more caution in the future.
Some lenders may continue to penalise you due to your credit history, at their own discretion, but this will also deminish over time.
Although previous defaults will no longer show up on your credit files, if you are specifically asked if you have ever entered into a compromise settlement with your creditors you will have to answer that truthfully - and could therefore be penalised.
Forgot to tell you Melanie my son passed the semi-formal interview for TA Com - by a full colonel! He now has to go to Westbury for a 3 day session as they put the TA people up before the Regular Com Board these days. Thanks for your advice - it paid off!
Westbury will be tough - but he just needs to be himself, stick to his own principles and beliefs and all will be well. You must be very proud of him, and you never know perhaps he will turn his musical career into a full time military one eventually!
Skippy is correct - if the question is asked, you have to answer truthfully, but any sensible creditor will realise that someone who has succesfully completed an IVA is actually pretty responsible, and I am sure that any penalty would not be too harsh.
