www.iva.co.uk

After receiving my completion certificate just before Christmas last year and checking my details on Noddle, (which has no record of my IVA on it), I decided to apply for a credit card. I don’t particularly need one but it will be necessary if I need to hire a car for a holiday next year as well as improving my credit history. Also, buying items over £100 on a credit card gives you consumer protection.

I disliked doing it as it brought me back to those dark times over 7 years ago, but I bit the bullet and instead of going to Vanquis or Aqua, I applied on line with my current account provider, The Co-Operative Bank. I received an e-mail a few hours later to say that I’d been approved. A few days letter I received correspondence that I signed and sent back to them. I am now in possession of a credit card with a £1000 limit and an APR of 12.9%.

I recall a poster, (can’t remember who, though), that said not to bother with providers like Vanquis but to contact a standard credit card provider. I suppose because it’s my bank they can see that I’ve run my account correctly. They are aware that I was in an IVA as they provided a remortgage rejection letter when I was seeking a remortgage in the fourth year of my IVA.

I hope this is useful.

Great news Sensible. What account were you running with the Co-Op during your IVA (Cashminder or "Standard") ?

Hi, Foggy.

It's a standard current account with no overdraft. I opened it prior to commencing the IVA as I was with HSBC who were one of my creditors.

Thanks Sensible. My account with them is a Cashminder, so it might not do the same magic for me. not that I really want one, but they do have their uses ( especially with the consumer protection element ) provided they are paid in full each month.

Great news to see another former IVAer and forum poster getting on with their lives and treating new credit in a responsible manner - proving that there is definitely light at the end of the tunnel for all of you.

That is great news, I've cleared up my files and wonder if I dare to apply...something to think about. Mind, I have the Vanquis and it's serving its purpose for me at the minute. x

I think it differs from person to person. We banked with the Co-op throughout our IVA and didn't have any issues, however they turned us down for a credit card, whereas Barclaycard approved me and Vanquis my husband.

Now we both have one card each and use it for one or two things each month and pay the balance off in full. Works for us...

I will never understand the banks view of ex iva'ers because when you finally get through to the other side just thinking of the experience will mean you will not be frivolous about money and credit.I am sure there is a gap in the market for a lender who will lend to ex iva'ers competitively, after all surely a majority of us would be a better risk than someone struggling with a pile of debt on their shoulders??

I think that may have been me sensible77 and still stand by it for good reason!

Hi, sponge. Yes, I think it was you. But, as Lesley says, if you pay the balance off in full the interest rate is academic. I just feel better with a card from a mainstream bank. I've yet to use it, but I will shortly just to make sure it works!

I think and don't quote me on this you may pay interest from day one, (sure i saw it on another thread?) for the first three months with a Vanquis card. It may work for some people, just not for me. There's now a number of (post six year thing) posters that have left threads describing access to regular (sometimes at very low interest rates) credit, including regular High St mortgages, me included in the latter!

I've never paid a penny interest with Vanquis to be fair, but wouldn't mind trying a high street bank to get a credit card and then I would close the Vanquis account although to be fair no problems whatsoever, online service excellent and regular text service too.

Glad to hear that you are getting things back to normal, Sensible 77. My experience was also positive with my bank - The Nationwide - who also knew that I had been in an IVA. I applied for a credit card with them just after Xmas and got one no hassle. They offered me a very good deal, competitive interest rate and 15 months interest free purchases / 26 months interest free balance transfer [had to laugh at that one after 6 years in an iva.....]. I think that ex-iva people can get a very good deal out there if you want one, but I also fully understand that not everyone wants a credit card after the experience of being in a iva...

I never paid interest to Vanquis so I am unsure why people think that you pay interest from day one? It also didn't damage my credit rating as I had no problems getting a Nationwide Select credit card. Interestingly enough, Barclaycard also approved me and it was one of my creditors!

Hi, Brokebryn. Nice to hear from you. I'm pleased to see that ex IVA'ers continue to read and contribute to this board. It's also good to hear from Skippy as I think she is the only member I can recall was posting when I signed up for this site in April 2007!