www.iva.co.uk

We entered a F&F last June, CC a few weeks ago, now one of the many lesson I have learnt is that I do not think I will ever borrow money again outside of mortgage and maybe car purchases. We entered an IVA due to being overstretched for several years after son was born and they my wife's business collapsed, however we were always liked the instant gratification of credit only to hurt when you were still paying for simple purchase 36 months later.

That all said, I understand the need to clear up the credit score in 5 years time but I am really adverse to borrowing just to do this. The main question is however I received a letter from Vanquis, I hate them as they were vile when my Dad died, he had a credit card with them, but it said I could start to repair my credit record now. This is surely a lie isn't it?

I have talked to Ryan as we would like to consider moving in a year or two and he was brilliant going through some options however they are very much options based on our circumstances. But as a general thought there is no point doing anything to try and improve my situation until the 6th anniversary right?

Thank you

Vanquis are being a little poetic in saying the card will help your credit rating at the moment -- it will do very little towards this goal while the IVA itself and numerous defaults are sat on your file! It will, however, give you a small credit "history2 come the time the rest disappears -- which does help. There are numerous other "credit builder" cards out there rather than Vanquis.

So probably best to do nothing I guess. Do not want the hassle of it all anyway.

Am I right in thinking that although I will be removed from the insolvency register shortly, the IVA remains on the credit file for the full six years?

reeves55 wrote:

So probably best to do nothing I guess. Do not want the hassle of it all anyway.

Am I right in thinking that although I will be removed from the insolvency register shortly, the IVA remains on the credit file for the full six years?

Yes -- have a read here: http://www.iva.co.uk/what-does-an-iva-d ... dit-record

As foggy rightly says the iva will be like a big red cross and a vanquis card a tiny little green tick.

Time heals eventually.

Paul

Yeah once the 6 years is up credit score will be excellent again. Ive done nothing extra and have just taken out a lease car.

Good advice from previous posters in my opinion. The other things you can do are make sure you are registered on the Electoral Roll and also make sure that your bank account is conducted well (in case a lender asks to see your bank statements).