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Credit rating advice please. Defaults.
2impatient
Posts: 10 Forumite
Hi
I have 6 defaults from 2005 which were automatically registered when my husband and i applied for in IVA. However the IVA failed after being sent round twice as no creditors voted. Things took a turn for the better and we managed to settle the defaults around £10k in total. So they are all settled and showing so on my credit report.
I still have an arrangement to pay on a loan with Lloyds TSB for £10k and o/d of 3K which i am reducing each month. I also have a credit card with Lloyds tsb with £1250 which i am paying regularly. I have a catalouge with £200 which i am paying regularly as well.
What i need to know is, will my credit rating start to improve provided i stick to plans/ make payments on time OR will it be bad for 6 years due to the defaults from 2005. I have a financial association with my husband who also had defaults but has slightly better credit than me.
I know the defaults wont be removed for 6 years but can things improve for me, even with an arrangement to pay in place?
Another couple of things....are defaults as bad as CCJ's? (in the credit report world that is) and i cant get a normal bank account. We've been with nat west for 2 years and we have a step account but it's difficult as not everywhere accepts 'solo'. They wont upgrade our account even though we are always in credit and pay in over £2500 per month. Any ideas what our credit rating would need to look like before applying for a normal account? I'm worried about damaging it further by applying and being rejected.
Any help would be received with thanks.
C x
I have 6 defaults from 2005 which were automatically registered when my husband and i applied for in IVA. However the IVA failed after being sent round twice as no creditors voted. Things took a turn for the better and we managed to settle the defaults around £10k in total. So they are all settled and showing so on my credit report.
I still have an arrangement to pay on a loan with Lloyds TSB for £10k and o/d of 3K which i am reducing each month. I also have a credit card with Lloyds tsb with £1250 which i am paying regularly. I have a catalouge with £200 which i am paying regularly as well.
What i need to know is, will my credit rating start to improve provided i stick to plans/ make payments on time OR will it be bad for 6 years due to the defaults from 2005. I have a financial association with my husband who also had defaults but has slightly better credit than me.
I know the defaults wont be removed for 6 years but can things improve for me, even with an arrangement to pay in place?
Another couple of things....are defaults as bad as CCJ's? (in the credit report world that is) and i cant get a normal bank account. We've been with nat west for 2 years and we have a step account but it's difficult as not everywhere accepts 'solo'. They wont upgrade our account even though we are always in credit and pay in over £2500 per month. Any ideas what our credit rating would need to look like before applying for a normal account? I'm worried about damaging it further by applying and being rejected.
Any help would be received with thanks.
C x
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