www.iva.co.uk

We are planning to rent about two or three years AFTER our IVA completes. Even though our credit records shouldn't show the IVA, will we still have problems ?

I keep reading of potential issues from having a "zero" credit rating and that this can be as bad as having a bad credit record.

I'm a little confused and don't want to end up unable to rent as that will be a disaster !

Any advice/reassurance appreciated.

Once your IVA has dropped off your credit rating would increase if you have a mobile phone contract or if you get a vanquis card (and pay it off in it's entirity!!). I think if you are going to do it a couple of years after the IVA ends then you have sufficient time to repair the rating.

You are correct in that a clean file is as bad as a defaulted one --- the Queen would probably fail as she, presumably, has no credit history ( anyone checked if she's on the register ??). But, as Kazza says, you have sufficient time to build up a good record. Get a vanquis card and use it for, say, petrol (something you would be buying anyway) and pay it off in full every month. Your mobile phone contract will add monthly green ticks and a correctly run bank account will do no harm.

Excuse my ignorance on this but given that during the IVA, I will still have mobile phone contracts and one controlled and in-credit current account and utility bills being paid, is our credit rating really zero after the IVA or do these accrue any positive scores ?

Hi Paul - it can only start repair after the IVA is removed (I think!). Utility bills don't improve your rating to my knowledge neither does a basic bank account (or so the Co-op tell me). Hopefully it will start repairing pretty quickly with a phone contract, normal bank account and if you get a vanquis card.