Credit file clean up after !!!!!!

dog_food

I have just had my full and final settlement accepted after 2 years of payments into my IVA.

What I would like to know is should I start getting my credit file in order now or should I wait until when my IVA would have finished (2012)?

Also, when should I start the process of repairing my credit rating and does anyone have any suggestions as to the best way to do this?

Thanks.

happychappy74

Congraulations on the IVA.

I received the completion letter, but am still waiting for the certificate/final report.

In the meantime I set up a CashPlus prepaid credit card (details on this site). This costs £4.95 to set up at the moment with £4.95 fee per month. A week or two after it is set up there is a Creditbuilder option which is, in effect, a loan facility whereby the whole years worth of fees are paid upfront, but you still pay each month from the balance of the card. This gets reported to the Credit Agencies after the 3rd month and each month after. I have left the amount on the card so that there cannot be any problems along the way.

With the IVA dropping off the reports at the end of the 6 years you will already have, by that time, some credit history in your favour so that you then dont have to start with a blank history.

The facility is for one year, so by the time my IVA has dropped off then I intend to have 2 years worth of simple, managable credit history.

I have already sent off for my credit reports to make sure that all the dates are correct relating to the IVA and when I get the final paperwork through then I shall make sure that that too is updated correctly.

dog_food

Thanks for the advice...i think i'll follow your advice and go for that, it looks like a good way to start repairing the damage!

Thanks again.

doelani

Well done on your F&F

As soon as you get your Certificate of completion get copies of your credit files and make sure all accounts are marked satisfied/settled and that defualt dates are not after the daye your IVA was agreed. I know it still stays on your file for 6 years form date IVA agreed but may as well get it done.

dog_food

Thanks for the advice...i have been told i will recieve the certficate in September.

garytheanimal

happychappy74 wrote: »

Congraulations on the IVA.

I received the completion letter, but am still waiting for the certificate/final report.

In the meantime I set up a CashPlus prepaid credit card (details on this site). This costs £4.95 to set up at the moment with £4.95 fee per month. A week or two after it is set up there is a Creditbuilder option which is, in effect, a loan facility whereby the whole years worth of fees are paid upfront, but you still pay each month from the balance of the card. This gets reported to the Credit Agencies after the 3rd month and each month after. I have left the amount on the card so that there cannot be any problems along the way.

With the IVA dropping off the reports at the end of the 6 years you will already have, by that time, some credit history in your favour so that you then dont have to start with a blank history.

The facility is for one year, so by the time my IVA has dropped off then I intend to have 2 years worth of simple, managable credit history.

I have already sent off for my credit reports to make sure that all the dates are correct relating to the IVA and when I get the final paperwork through then I shall make sure that that too is updated correctly.

I'm due to finish my IVA in February next year, and with increases in my wages over the period and 50% of the overtime given i could actually have paid everything i owed including the interest, or possibly even more than i owed! still, at least i'll be debt free.
Thanks for the advice on the CashPlus card, i've just applied for one now. Along with that i'll also have 8 or 9 years of trouble free contracts to T-Mobile, hopefully that'll go well for me too.

danielanthony

Definitely get the default dates on all your accounts with the CRAs updated to the start date of your IVA. Try and get some more green zero's on your file with a Vanquis card or some other sub prime card. Unfortunately NO prime lender will touch you whilst you have a default on your file so this will be six years from the start of your IVA, get this sorted asap as it took me nearly a year to get the correct info recorded AT ALL THREE CRAs after my IVA finished last year.

garytheanimal

danielanthony wrote: »

Definitely get the default dates on all your accounts with the CRAs updated to the start date of your IVA. Try and get some more green zero's on your file with a Vanquis card or some other sub prime card. Unfortunately NO prime lender will touch you whilst you have a default on your file so this will be six years from the start of your IVA, get this sorted asap as it took me nearly a year to get the correct info recorded AT ALL THREE CRAs after my IVA finished last year.

I've just applied for the CashPlus card and just this minute the Vanquis card as suggested. I already have a Tuxedo card but to be honest it doesn't seem to offer the benefits the other two do. In a way its probably good i cant do anything for the first year after it ends, it will give me a year to show i can save, which is hard at the moment while i'm paying 50% of my overtime into the IVA. Who are the three CRA? i know of Experian but not sure on the other two?

danielanthony

Call Credit, Experian and Equifax