Hi,
I completed my IVA last year and my credit file is completely clear with no defaults now whatsoever.
I have managed to save over £2000 and our car is on it,s last legs.
The question now is would it be possible now for me to get a small car loan as I do not want to squander any savings as it has taken me a while to build up.
I am still fully employed but need to know if it is worth my while applying or will it be another knockback and declined.
im only after £3000 as a car loan and is well within my range but I have no credit cards whatsoever and do not want one at all.
Whats my Chances!!!
It is all a bit surreal, i am now completely Debt Free since completing my IVA with Melanie Giles Team who were excellent and after a long slog i now a have a default free and positive Credit Report with all traces of the IVA removed as well
The only thing now that is playing on my mind is that i want to get a small loan to buy a new car but i am worried that i might get knocked back as i am so used to getting declined and everything pre IVA.
I don't want to have any credit cards as i that is what got into a financial mess in the first place and would rather stick with my coop cashminder account with visa debit card.
It's a bit like standing on the edge of a diving board and wondering whether to take the plunge now or wait a month.
Debts all cleared off, credit file adjusted and savings in the bank. As the IP who acted for you in the IVA, I am so proud to see that you have kept your thriftiness up, and are now a saver rather than a borrower. It must be a great feeling, and I hope you find a loan to assist you in purchasing a new car.
Thanks Melanie!!!
The thing is now post IVA is to borrow sensibly and not go down the credit card route which was got me into a right mess in the first place.
Also the IVA has helped me budget more reasonably and also taught me the value of having money rather than spending it wildly!!
I am putting away at least £300 per month now and it is growing fast and have a completely cleaned up credit report with all parties eg:Experian, Equifax, Call Credit etc.
7 Years ago when i made the call to you i was in a right mess but thanks to sticking with the IVA even through the tough months it PAYS!!! to see it to the bitter end!!!.
It's nice to know that i have over £2000 worth of savings so far and i call that comfort money and will just keep adding every month and budget myself as i go along.
Given your circumstance I doubt you'll have any problem with credit for a car, post IVA,(CR file clean of course) and should be looking for an APR of no more than cira 6%ish?
I kept my Nationwide cash card going for as long as I could, but Nationwide were having none it and switched my account to a Flex account and cancelled my cash card..
