Credit 6years later

Jmartin_2

Hello,

To give you a little background, I went into an IVA 6 years ago today which is due to come off my credit file at midnight tonight. I actually paid my IVA off in full 4 years ago though.

Now since then I have obtained a 98pound default on a mobile phone contract in 2007 when I moved house and thought my contract was up, but that was sorted years ago. I have a next directory account, a few pay day loans (obtained and cleared immediately with a view to helping credit file) and have a mobile contract running perfectly fine. I have private banking with natwest and a personal income of over 50k per year along with my partner who is on 20k per year on our joint account (which is our only account) my partner is currently on a debt management plan.

In February last year my parents had to take out a 15k loan for me due to a civil matter which I have maintained a standing order to their account for, for 287 per month since then, recently it was topped up by 5k to wrap up the remaining legal costs.

My question is, tomorrow, when my credit is clear (bar that one pesky default) and bearing in mind I have been with natwest for 2.5years now and always kept my account in good standing, in addition to the fact they will be able to see the payment to my parents going out on time every month and I have had existing credit recently that has been run fine, what are my chances of being able to get a loan to clear the loan for my parents (approx 15k) and if not that much, then what do you think they could offer me?

Also, I get a car allowance from work now, what are my chances of HP?

Many thanks for taking the time to read this

Jmartin_2

Also, for what it's worth, my credit score is currently 883 with the IVA still on there and I am on the electoral roll.

Tixy

As you'll still have a default on file - allbeit small, and as you (presumably) are financially associated with your partner whose file is likely to be poor due to her DMP, then I think your chances of £15k of mainstream credit are still going to be low.

The exception might be from natwest if your salary goes straight in to the account you hold with them, and they may be willing to consider it.

You might want to double check that your IVA does no longer show tomorrow, before you apply. It can take a few extra days for defaults to drop off after a 6year period (usually just 1 or 2 with experian, but up to a couple of weeks with equifax), it might be the same with the record of your IVA.

milliemonster

I think you will struggle too, if your bank are aware you have been in an IVA then they will have their own records irrespective of when the IVA falls off your file and may refuse further lending.

It can still take some years to get mainstream credit again following an IVA, trying to take on £15k loan plus get HP immediately, especially with a default still on your file is going to send alarm bells ringing in any lenders ears as it looks like you haven't learned anything during your time in an IVA and couldn't wait to start racking up debt again (I'm not saying that is the case, just how it can look from a lenders point of view)

adyj73

I'm just shocked you have a joint income of 70k a year yet need to apply for credit....