www.iva.co.uk

Would taking out a vanquish credit card affect my IVA ?

Some proposals allow up to £500 credit. Ideally you should seek your IP's agreement. However, there should be no need to have a credit card in your IVA and I doubt even Vanquis will grant you one.

I don't think they will say yes to anyone still in an IVA or less than one year post IVA.

I completed my IVA just over a year ago (no completion certificate yet but that's another story!).

6 months after my final payment I applied for a credit card with Vanquis and was turned down as I guess all my defaults were still on my credit file.

I checked my credit file on-line two days ago and my defaults are no longer on there (as I've passed 6 years after the start date of the IVA). So I applied again.

I've just found out I've been accepted! So if you're less than 6 years from offical start of IVA then I think it's a no no. Outside of that should be okay.

Hope that helps.

...One year into my IVA, I've just been accepted for a 'Vanquish' Card. Saying that, I don't yet know what my credit limit will be (I will of course limit it to £500 to comply with my IVA t's & c's).

Don't need it especially, but useful if I do something that specifically requires a credit card, rather than a debit card, eg: hire a van, book a hotel room etc.

is it worth potentially breaching your IVA for something that got you into this mess in the first place?

This is for foggy just Hijacking the thread a bit. 0% credit cards require your current account No and sort code on the application form. That might make sense what I was banging on about before that it's quite pivotal in the decision making process, rather than a long line of credit history

Hi, I finished my iva last September so I too would like to apply for the Vanquis card very soon but I feel a little worried about being declined!..
it would be interesting to know if you dont mind me asking what kind of limit you get once they tell you.

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

is it worth potentially breaching your IVA for something that got you into this mess in the first place?

I finished my IVA in January of this year. I applied in April when completion certificate was received and was given a £500 credit limit

I was accepted 3 months after my IVA ended. I use it as an emergency (just in case my Co-op card doesn't work in a garage etc) and I have found the call centre staff great.

Just make sure you clear the balance each month or the charges will scare you!

Thank you Lesley,
sounds good to me!!.. I may apply once my six years has expired and all my defaults are spent.

Thank you Lesley,
sounds good to me!!.. I may apply once my six years has expired and all my defaults are spent.

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

Hi, I finished my iva last September so I too would like to apply for the Vanquis card very soon but I feel a little worried about being declined!..
it would be interesting to know if you dont mind me asking what kind of limit you get once they tell you.

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

is it worth potentially breaching your IVA for something that got you into this mess in the first place?

Got my Vanquis Card yesterday, and they have given me a £500 limit.

Staggered that I managed to get a credit card when I could not even get a mobile phone contract with T-Mobile earlier this Month.

As I say, for emergencies only or where a credit card is specifically required over a debit card (eg: hotel bookings, car hire etc.

Should make my financial life just that bit easier throughout the duration of my IVA.

I am not even allowed £500 credit limit while in an IVA so none of this is any help to me. How come some people are allowed the £500 in their proposals and not others.Is it different company's mine was done with BE to start with so they wrote the conditions.

Peejayel, Mine was also with BE to start with and does state I can have credit to a max of £500.
I think it depends on personal circumstances are you sure yours states no credit as most IVA's have the same limit.

Mine states, and I quote

Further Credit
4.12 With the exception of utilities or to re finance the balloon payment at the end of a vehicle Hire Purchase agreement, no personal credit is to be obtained without the prior written consent of the joint supervisors.

I also do not propose to have any further credit facilities arranged for me for the duration of the IVA save any that have already been explained within the proposal

Should further credit be obtained without the consent of the joint supervisors, this will constitute a breach of the IVA.

End of Quote

So to me that reads I can't have any credit not that I actually want any but to have the option would be nice LOL . We do not have a vehicle on HP so no need for a balloon payment.