Getting on partners mortgage, improving credit rating, post IVA

Cody

Hello;

I had a lump sum IVA approved and completed in 2012, I had about 10 creditors, all banks.

I have searched the forum a little and found some similar threads, but several years old, so thought I would ask with my specific details.

I would like to work on improving my credit rating, so when in 4 years from now, I will be able to obtain mortgages, finance on cars etc

My partner has a mortgage on the house we live in now, she recently purchased the house. We are wondering if there is potential for me to get onto a joint mortgage with her in the near future, has anybody achieved this before?

I was offered finance on a car at 34% the other week...I didnt take it, since would have paid for the car twice in 4 years. The only reason why I might have taken it was to again improver my rating. As an alternative, are there good credit cards (with high apr I know) which would accept a post IVA person?

many thanks in advance

Cody

UpToMyNeckInIt

Hi Cody,

Personally, I think you should avoid creating a 'financial association' with your partner whilst your credit rating is still damaged, as this could impair theirs as well.

You could get yourself a 'Vanquis' or 'Aqua' credit card, spend a small amount on it each Month, and pay it off IN FULL every month. This will assist with your credit recovery quite sufficiently, as well as making sure you are on the electoral register.

34%apr on a car loan - Moneybarn by any chance? ...Nuts isn't it. Better off saving the monthly payment, and buying yourself something outright.

Heard of an ex-IVA customer on another forum who got sensible APR car loan by buying a car from an independent garage, who used a small, local finance company. Read about it here:

http://www.iva.co.uk/forum/topic.asp?whichpage=0.6&TOPIC_ID=57155#538083

They seemingly took a more sensible, personalised approach, rather than the corporate 'computer says no' response you are likely to still get from a larger firm.