Having finally finished my IVA this week and received the Certificate of Completion I'm after some advice as what to do next to start getting myself back on track.(Might be worth having a section on the forum for this?)
I have apllied for my credit report and am waiting for Experian to post me my 'pin' number so i can access it fully, in the mean time i can only see that my credit score is classed as excellent which is a big surprise considering.
Once I have access to the full report, what should i be looking for on there?
Also, what can i do to start improving my credit rating?
Now i am a lot better at money management i feel confident enough to have a credit card to use for small regular payments for things such as petrol which can be paid off easily each month?
Is this recommended and if so, where am i best looking for a credit card given my past?
I am putting together a spreadsheet to track all of my regular incomings and outgoings but if anyone knows of one already available that they use and find helpful then please let me know to save myself some time.
During my IVA i was never asked about PPI on any of the loans/cards I had, now that my IVA has finsihed, am i free to investigate this and see if ther is any money owed and claim it back?
Thanks in advance for your help, being in an IVA is scary, finishing it and knowing what to do next so I don't mess up again is almost as scary.
Personally unless you need to have a credit card I would stay away for a while. Your credit rating will improve as all defaults drop off, and if you have a bank account this should be reported each month, as will a mobile phone contract...being on the electoral role also helps .....
I have been out of our IVA now for nearly three years ...no looking back and no credit cards..we owe on the mortgage, a small car HP agreement and that is more than enough for us ....what we can't afford we don't have .....love being debt free !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Congratulations on reaching the end. I have completed my iva in January this year and got completion certificate in February and have not got a credit card or anything to help build up credit but have managed to get a mortgage offer and contracts were exchanged last Friday so it's not always nessaceray to get a credit card, hope that helps.
With regard to claiming PPI after an IVA has concluded, do check the terms of the IVA agreement as you may find that any claims you make will be grabbed by the former supervisor for the benefit of the creditors you included in the IVA. Your creditors will be bound to contact the former Supervisor to check the position before paying out, and if you have agreed to pay a claims management company you could be left with a bill for their fees if your creditors determine to set-off the monies against the former debts and not pay out in cash.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
With regard to claiming PPI after an IVA has concluded, do check the terms of the IVA agreement as you may find that any claims you make will be grabbed by the former supervisor for the benefit of the creditors you included in the IVA. Your creditors will be bound to contact the former Supervisor to check the position before paying out, and if you have agreed to pay a claims management company you could be left with a bill for their fees if your creditors determine to set-off the monies against the former debts and not pay out in cash.
Hi Melanie,
Thank you for your reply and helpful information.
I am pretty sure i no longer have the terms of my iva agreement but as i am planning on trying to claim my PPI back myself and not using a claims management company i see it as a no lose situation.
If i claim it back and do not hear from my ip then i am happy, if i do hear from my ip then it can go towards the old debt and i am still happy, either way the money will end up somewhere more desrving than with the greedy banks.
Last edited by Virtual-Unknown on Fri May 17, 2013 10:43 pm, edited 1 time in total.
credit scores via experian mean very little. You will never know what a bank considers a good bet. When i completed my IVA my credit score was in 850+. My adive is dont waster money paying experian or equifax or reports. Just make sure it is clean and up to date. If you have managed yor bank account in a good way it will show you are responsible to your bank only, becuase you have no credit/OD on your account it wont show other companies that you can manage debt.
Got married two months after i completed! Building my life back up again but still staying on here to support all those who helped me in my times of need!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by cooltony
credit scores via experian mean very little. You will never know what a bank considers a good bet. When i completed my IVA my credit score was in 850+. My adive is dont waster money paying experian or equifax or reports. Just make sure it is clean and up to date. If you have managed yor bank account in a good way it will show you are responsible to your bank only, becuase you have no credit/OD on your account it wont show other companies that you can manage debt.
Thanks for the advice.
My bank account has always been managed well since i started my iva, this is why i thought it might be worth me getting a credit card just for small regular amounts as it would aid my credit rating?
