Credit building post-IVA

[nomoremoney]

Get into credit Again and proof you can manage debt responsibly,never miss a payment as that is a default or draw out cash on a credit card,as it is expensive ripoff lending,creditors see that as a sign of fanancial stress. It will take time to build your your credibility before you can be given £$££$ to manage,and high street lenders may hold reservations to lending if you have them as a former creditor,it is very discretional. Time will fix it.

[Shining]

I agree time will fix your credit report and as per usual thematrix offer great comprehensive advice. x

[luluj]

Re mortgage.....when you are ready contact Ryan our forum mortgage expert.... I am sure he will be able to guide you through to a suitable mortgage product.
We have been with Ryan and had our mortgage a little over a year...high street banks have said two years post IVA completion and that they will look on us for a lower rate mortgage.

There is hope out there, but first you must enjoy your travelling !

[TheMatrix]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by luluj

high street banks have said two years post IVA completion and that they will look on us for a lower rate mortgage.

Doubt they will with me as far as the main banks are concerned

Halifax - previous creditor, unlikely
Lloyds TSB / Cheltenham and Gloucester - Unlikely as LBG bought up Halifax
HSBC / First Direct - Previous Creditor so hell will freeze over first.
Natwest - Policy to exclude previous IVA/BR forever!
Co-op / Smile - 6 years minimum after completion.
Barclays/Wolwich - 6 years post completion I believe

Does not leave a lot of banks left I believe, Northern Rock might be a possibility but I had a Virgin MBNA card included in the IVA and Virgin have bought up Northern Rock

Why do all my ex-creditors have to go and buy up all the banks I'd be OK with, it's so annoying!

[luluj]

I am sure Ryan can find someone to deal with your own circumstances - I have total faith in him ! He got ours last year for us, and has already had it agreed in less than 12 months time we can move to a High Street lender at a much lower rate.....there are lots of options - no room for negativity - always look at it positively !

[Broke of London]

LOL Matrix [:)]

I've always worried about the same thing as I had three of the big four on my roll call! Which is why I chose Lloyds as my new bank account...I didn't want to be barred from all four of the big four.

[mattyboy]

Totally in the same situation as the matrix, all the banks I haven't yet touched have bought up my creditors. Now I have finished I hardly have anyone to go to. I was going to apply for a Barclaycard as Noddle says I have a 9/10 chance of acceptance but they bought Egg who I owed a lot of money to! I want to remortgage but haven't really got much of a credit record. I don't even want a credit card to buy things with but thought it would help with the mortgage app. I havent yet had an account with Santander but having read the newspapers they seem to be in trouble. Just waiting for equifax to finally update their systems before I think about which bank to go to. I can't keep track of which banks have bought each other or merged with someone else.

[TheMatrix]

Santander in the UK despite what's being said should be OK the only problem with them I see is if people start believing they are in trouble. Though their parent company is Spannish, they say that they have around 1% exposure to Europe the rest is all UK and US.

Customer service wise though they do have a bad rep.

Barclaycard wise I think you might be surprised, I'd say do a pre-application check and see what it says, I was given a 80% chance of acceptance, they bought up Morgan Stanley too who was a creditor of mine, so worth a shot.

[TheMatrix]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Broke of London

LOL Matrix [:)]

I've always worried about the same thing as I had three of the big four on my roll call! Which is why I chose Lloyds as my new bank account...I didn't want to be barred from all four of the big four.

yes did the same then they had to go and buy up HBOS [:(!]

[mattyboy]

I did find a useful tool on a price comparison site that uses call credit to do a 'soft' credit search then matches credit cards to you which may be useful to those looking to rebuild credit. It was on money supermarket and gave marks out of 10 for likely acceptance. Whilst it is useful I do think it needs to be used with a degree of caution as apparently I rated highly for a card with a minimum credit limit of 12k, that is something that I would not consider. The tool maybe useful for those looking to build credit in the long term because like it or not unfortunately all the mortgage advisers I have spoken to have said a long banking relationship with your current account provider and holding a credit card are two things that are almost prerequisites these days.