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loan after settled iva??

fuzzyf
fuzzyf Posts: 30 Forumite
in Loans
hi

i completed an iva in 2006, have a mortgage with around £30k in equity, earn £25k a year, and have had rolling credit on a car loan for the last 6 years. i have never missed any payments on the house or car, and have no other debts.

things got on top a few years ago, and an iva was my only way out. i settled for £20k, borrowed the money off my parents, settled it immediately...and i have paid them back.

i was looking at getting a small loan of around £5k.....

anyone else got any experiences after previous credit problems? will i get a loan? i managed to get car finance from gmac as i had good history with them.

will i be wasting my time even applying for credit??

please help...

fuzzy f

Comments

  • thecableguy12
    thecableguy12 Posts: 290 Forumite
    do you have any credit cards? may be an idea to get a cap 1 or vanquis and pay em 6-8 months to build yor credit file up then apply for the loan, or check your credit files with equifax and exprien to see what info is on them 1st
    Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:
  • fuzzyf
    fuzzyf Posts: 30 Forumite
    thecableguy12 wrote: »
    do you have any credit cards? may be an idea to get a cap 1 or vanquis and pay em 6-8 months to build yor credit file up then apply for the loan, or check your credit files with equifax and exprien to see what info is on them 1st

    i have no credit at all! only car, and mortgage. what is cap1 and vanquis? a credit card?

    i wanted to get money sorted quicker than 6-8 months, and didnt want to borrow off my parents after they bailed me out a few years ago. didnt want another credit card at all if i could help it
  • thecableguy12
    thecableguy12 Posts: 290 Forumite
    fuzzyf wrote: »
    i have no credit at all! only car, and mortgage. what is cap1 and vanquis? a credit card?

    i wanted to get money sorted quicker than 6-8 months, and didnt want to borrow off my parents after they bailed me out a few years ago. didnt want another credit card at all if i could help it

    well to be honest with no history and finished an iva in 2006 its unlikly you will get a loan unless it was secured to your home with any available equity, if you want an unsecured loan you need to build your file again by getting some sub prime cards like capital one and vanquis, i know you have a car on finance but they have the security of taken the car back if you default on payments
    Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:
  • thecableguy12
    thecableguy12 Posts: 290 Forumite
    thecableguy12 wrote: »
    well to be honest with no history and finished an iva in 2006 its unlikly you will get a loan unless it was secured to your home with any available equity, if you want an unsecured loan you need to build your file again by getting some sub prime cards like capital one and vanquis, i know you have a car on finance but they have the security of taken the car back if you default on payments

    your best bet if you need the money quick is to get a seured loan on ya house as you have 30k equity
    Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:
  • fuzzyf
    fuzzyf Posts: 30 Forumite
    yep cheers for that, its what i thought. the secured on property option is not a direction i want to take for £5k, as i want to move house in the next couple of years.

    guess i will have to ask my parents again:confused:
  • thecableguy12
    thecableguy12 Posts: 290 Forumite
    fuzzyf wrote: »
    yep cheers for that, its what i thought. the secured on property option is not a direction i want to take for £5k, as i want to move house in the next couple of years.

    guess i will have to ask my parents again:confused:

    well at least it will be interest free!!:beer:
    Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:
  • fuzzyf
    fuzzyf Posts: 30 Forumite
    haha yep!

    but i have to account for every single penny and its like going on dragons den!
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