IVA and credit score

tonysoprano_2

I am now into year 3 of a 5 year IVA. Due to my wife loosing her job the IVA is now due to run on for another year finishing in Sep 2014.

Has anyone had any luck in trying to rebuild their credit whilst in an IVA.

I checked my score last week and its at a lowly 114.

An IVA was recommended to me back in 2008, something I wish I had not done.

Any advice is welcome.

nottoolate

an iva is as bad as bankruptcy on your file so your score will be rock bottom until it goes

FoggyBrain_2

You won't be able to rebuild until the IVA is finished and drops off the credit file.

2naughtycats

Hang on in there I know it's seems like a long haul but you will get there.

Your credit rating will be at rock bottom during and for a year after the IVA, I think mine was about 90 during it I think, which is pretty depressing. I stopped looking and took one stage at a time. My IVA was completed 18mths ago, I checked my credit rating back in June and it was 999!

It will get better.

Take care

spaceman5

tonysoprano wrote: »

I am now into year 3 of a 5 year IVA. Due to my wife loosing her job the IVA is now due to run on for another year finishing in Sep 2014.

Has anyone had any luck in trying to rebuild their credit whilst in an IVA.

I checked my score last week and its at a lowly 114.

An IVA was recommended to me back in 2008, something I wish I had not done.

Any advice is welcome.

you also need to check the wording of your original iva agreement, as mine stated i was not allowed to apply for any form of credit whilst i was in the iva, not that i would have got any whilst in the iva anyway

iwannabefree

Not sure how this has worked, but we have 3 payments left til our IVA is finished, and our bank has just contacted us saying we can upgrade our current account. This basically means we get a visa debit card which can be used to withdraw cash from abroad. Can't afford to go abroad yet, but it's nice to know.

With this they also said our credit rating is average.......shock horror. Don't know how this is, but i'm not going to argue. They know about the IVA as well.

We haven't check the three credit reference agencies because as many of you have said, credit ratings are shot until the end of the iva, but this does show some hope. We have mobile contracts, on the electoral role, pay car insurance and other bills by Direct debit, and run our account fine. As in no overdraft or running into the red.

This does show that you could build your rating a little albeit with your own bank, if this is how ours has improved.

I wonder if anyone else has had a similar experience?