We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Post IVA Loans
I successfully completed my IVA at the end of last year (after 6 years of payments) and feel a great sense of relief and achievement that I've come out the other side reasonably unscathed!
The car I have had through the course of the IVA is on it's last legs,however, and a new car for work will be vital within the next few months (probably looking around July/August time to purchase) and a loan (around 5k) I am looking at so I can go ahead with the purchase.I would like to know how likely an application for a loan would be now that I am over 6 years since the start of my IVA and my credit file is looking reasonable again.
I have managed to keep a few accounts in shape and up to date for a while including a bank account (with a major high street bank) for 7 years,a mobile phone contract (10 years+),ISP contract (8 years),Capital One card and Vanquis Card (both 2-3 years).I also earn around 15k per year and wonder if all this combined is likely to be successful if I applied for a loan in a few months time?
The car I have had through the course of the IVA is on it's last legs,however, and a new car for work will be vital within the next few months (probably looking around July/August time to purchase) and a loan (around 5k) I am looking at so I can go ahead with the purchase.I would like to know how likely an application for a loan would be now that I am over 6 years since the start of my IVA and my credit file is looking reasonable again.
I have managed to keep a few accounts in shape and up to date for a while including a bank account (with a major high street bank) for 7 years,a mobile phone contract (10 years+),ISP contract (8 years),Capital One card and Vanquis Card (both 2-3 years).I also earn around 15k per year and wonder if all this combined is likely to be successful if I applied for a loan in a few months time?
0
Comments
-
The reference to the IVA has presumably dropped off your file now?
And presumably any record of debts included in the IVA/any defaults etc are also dropped off your file?
If so then the IVA will likely no longer affect your ability to get an unsecured loan.
A £5k loan on a salary of £15k doesn't seem to unrealistic to get accepted for if everything else is in order.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
OP I would say remember how you got to having to take out an IVA last time, and be careful before over-committing yourself again.
Also I would suggest putting the monthly payment amount of the IVA into a savings account to build up savings so that next time you dont need to borrow for your car etc0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards