Repairing Credit Rating after IVA

Munchkin71

We have completed our IVA and it has been over 6 years now, we are trying to get a mortgage but seem to be in limbo land again, everything is off all 3 of the credit agencies nothing shows, our supposed credit rating is apparently above the national average. After looking at the how to repair your credit rating section and realising we have already done 9 of the 10, the only option left to my horror is to apply for a credit card, we got into over £75,000 worth of debt mainly down to credit cards, bad lending and of course bad decisions by us and burying our heads in the sand. I cannot believe that this is the only way i have no intention of EVER applying for a credit card again, despite my new found thriftiness gained over the last 6 years even knowing that I would never get into the same situation again, i find this hypocritical beyond belief, nobody will give us a mortgage but happy to dish out the credit cards again, I was going to say I was lost for words but clearly i'm not, just unbelievably frustrated and annoyed.:eek: somebody please help

Dave_Ham

Where have you been turned down for a mortgage?

Dependent upon deposit level, there are solutions for getting a mortgage post IVA. You are highly likely to require a broker though, as it is a bit of a minefield with many lenders changing criteria constantly.

Best of luck

debtfreenewbie

I dont know if it will help but: I use pre-paid cashplus cards.They cost 4.95 and there are fees to you them, hoever they do short term virtual loans and you just pay them the normally onthly fee. You do not get to use the money, it shows on your credit file that they have given you a loan and you arepaying it backby doing nothing.

Have a look at the cashplus site.....

Foxy-Stoat_3

Theres nothing wrong with having a credit card, its what you do with it....

You must buy food and fuel every month with cash from your bank account, no?

Apply for a Vanquish card (40% interest rate) but clear it every month and you will pay no interest, and only buy food and fuel. After 6 months of this you will have some credit history as at the moment you have none, which is equally as bad as having bad credit history.

What percentage deposit do you have and are you applying on the high street for a mortgage?

I would use a whole of market broker and stay off the high street for now.