Hi, I have recently received my completion certificate after an early F&F. I am now unsure of what I need to do next. Do I need to contact my creditors to let them know? Do I need to wait until the five year term is up before I can start applying for credit or can I do it now? I have absolutely no intention of having credit again but is it wise to try and build up some type of credit rating again to help with things like mortgages etc in the future?
You need to do nothing unless you are requested to show the certificate of completion in any future application for credit.
Make sure and do not bounce direct debits and pay your mobile bill or car HP on time. These will improve your credit rating and ultimately will be the only things on your credit file when the defaults from the IVA fall off.
Hi Jordan, congratulations on completion of your IVA and good luck for the future. When i reach that point in my life i won't be having another plastic enemy in my purse lol. x
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Congratulations Jordan and well done.
You should forward a copy of your certificate of completion to each of the three main credit reference agencies - Experian, Equifax and Call Credit. Their addresses are on their websites. They will then update their records to show that the IVA has successfully completed.
It's unlikely you will get any credit at the moment. Don't forget that your record will be shot for 6 years from the date the IVA was approved.
Make sure that none of your creditors have defaulted you after the IVA. If they have, write to them and tell them to remove the defaults, as they are not allowed to do this.
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
Kallis3, good advice! I had the F&F Settlement and I have just registered for 30 days free with Equifax, there are 4 defaults on my Credit Record and it looks like it deserves a good tidy up. I think others should also do the checks.
Leading on from this though is there a letter template or a standard letter that can be used for contacting the Credit Ref Agencies and also the Creditors to get things straightened out?
Not sure if there is or not, but it should just be a case of writing to them, enclose a copy of your completion certificate and tell them to remove the defaults as they are not allowed to register them once the IVA has been agreed.
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
