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Repair Credit while in IVA?
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Buzzy_Bee_2
Posts: 26 Forumite
in IVA & DRO
Hi all,
Is it worthwhile or even possible to begin repairing your credit while paying off an IVA?
I'm about 2 years in and have been offered a very high interest VISA which claims to be able to help repair credit. Is it possible for me to use this once or twice a month for small purchases and then pay off the balance in full to slowly begin repairing my credit rating or is this not at all possible until the IVA is complete?
Many thanks for your insights.
Is it worthwhile or even possible to begin repairing your credit while paying off an IVA?
I'm about 2 years in and have been offered a very high interest VISA which claims to be able to help repair credit. Is it possible for me to use this once or twice a month for small purchases and then pay off the balance in full to slowly begin repairing my credit rating or is this not at all possible until the IVA is complete?
Many thanks for your insights.
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Comments
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Hello there.
You shouldn't take out any further credit whilst under the IVA, by doing so you would jeopardise the arrangement; your IP could terminate it. The IVA is going to stay on your credit file for six years so there really is little point in trying to find ways to improve your credit score during this time. Really sorry to be the bearer of bad news.
National Debtline.We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
You are too kind National Debtline Rep.
If you want further credit, why did you enter into an IVA?
Pay back as much as you can first in your IVA before you start worrying about how to build up more debt.
Good luck.0
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