Life after an IVA

Rusty_Sprocket

I finished my 5 year IVA back in October last year and have had the final statment etc from my IP so its now closed.

I have contacted the main 3 CRA's with copies of thier completion document. This was done in December.

So, what now? How do i go about rebuilding my credit rating?

I want to buy a new car this year as the one i bought before the IVA has served its purpose and is now getting on a bit and i dont want it to start costing money (Something that assisted me in my accumilation of debt in the 1st place).

I dont want to ever touch another credit card as long as i live. So any ideas?

I do remember back in the old days, store credit was the easiest to get. Is this still the case?

Any advice greatly receieved, or experiences from poeple that have been in the same situation

balmk

Hello and congratulations on completing your IVA.

Whilst it will show as "settled" on your credit report, mainstream lenders will still tend to avoid you.

Your best bet (and I acknowledge your comment about credit cards) would be to apply for something like a Vanquis or Aqua card to start rebuilding your credit rating whislt you are waiting for the IVA to drop off your credit report.

As long as you set up a direct debit to clear the balance every month, you won't pay interest - just be sure to only spend a small amount each month.

Once your IVA has dropped off, yoo will have a good few months of green ticks on your report, and you will be in a better position to obtain car finance at a reasonable rate.