Rebuilding after IVA

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Sharleen__82
Sharleen__82 Posts: 34 Forumite
in IVA & DRO
Hi All,


I completed my IVA in October 2014 (yay). I have not yet received my certificate of completion. Hopefully coming soon.


I am very keen to start to rebuild my credit. Is there anything I can start doing right now - whilst I am waiting for my certificate?


Many Thanks.

Comments

  • cheesedoffwithdebt
    cheesedoffwithdebt Posts: 331 Forumite
    First Anniversary Combo Breaker
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    The only way to rebuild your score is to borrow sensibly I'm afraid ( but will stand corrected if anyone knows differently) do you really want to borrow again?

    You could have a small credit card that you repay in full each month if you feel you can manage that!
    now debt free and determined to maintain good spending habits and build savings
  • althas
    althas Posts: 410 Forumite
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    I got a Vanquis card to start rebuilding mine. Have not tried for a contract mobile phone yet as the IVA is still on credit file until August

    Those are the two major things that were recommended to me

    Congratulations on completion
    There are 10 kinds of people that understand binary
    Those that do
    Those that dont
    :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:
  • Sharleen__82
    Sharleen__82 Posts: 34 Forumite
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    Yeah I have definitely learnt my lesson, and I only want to rebuild my credit as eventually in a few years I would like a mortgage.

    I would like to try for a credit card with a very small limit and will pay back in full each month. I will also keep this at my Mums house so I can't overspend. My mum has been really supportive and helped me change the bad habits I had before.

    Will I be able to apply for a vanquis card without my completion certificate?? Do I need to do anything on my credit file first??
  • sourcrates
    sourcrates Posts: 28,878 Ambassador
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    You need to wait until your IVA debts are gone from your file, and you have been removed from the insolvency register, only then will the magic start to happen.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Sharleen__82
    Sharleen__82 Posts: 34 Forumite
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    And when do they come of? Is that a year after you complete? Because they are on there for 6 years in total if I recall correctly?
  • Sharleen__82
    Sharleen__82 Posts: 34 Forumite
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    Also, if I slowly slowly and carefully carefully rebuild my credit after they have gone from my file - will I be able to get a normal mortgage at some point in the future?
  • Foxy-Stoat_3
    Foxy-Stoat_3 Posts: 2,980 Forumite
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    Sharleen__82 wrote: »
    Also, if I slowly slowly and carefully carefully rebuild my credit after they have gone from my file - will I be able to get a normal mortgage at some point in the future?

    Yes, but do not expect to get a 95% HTB mortgage, you will need to drop 20-25% cash deposit when you do finally get into buying your first property.
    "Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!
  • Sharleen__82
    Sharleen__82 Posts: 34 Forumite
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    And what about a mortgage with my partner? He has a house already, so we would have a 20% deposit and his credit is very good. Would they still be able to count my salary towards it? Obviously this would be after I get my completion certificate and after Oct 2015 when the 6th year will be past.
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