End of IVA Help Please

Sosotired

Well it has been a long, long 6 years but at the end of April our IVA will be finished! :j

As the IVA was registered on the 23rd April will it just automatically fall off our credit file? Most of my debtors were also registered in April, so after that our file will be clear. Does our credit score improve after this or will it still be the same? Does it take some work of applying for a credit card, then paying it off in full every month before our rating improves?

Also, any idea which credit card would be the best one to apply for post IVA?

Many thanks

sourcrates

The defaults will fall off your credit file six years after been registered, the IVA takes approx. 3 months to be removed from your file, so I have been told (same situation as you) credit score may improve if you have been using a basic bank account and kept it within limits (all green markers) aqua card seems to be the easiest to get.

dadoandrew

I am in the same boat. It is approaching the 6 year mark for us both, but I was turned sown recently for an aqua card so perhaps it is just your luck. So on the credit report what do you do to sort any red markers which may appear on the file? I don't think that I would have any though but I will have to have a look.

sourcrates

dadoandrew wrote: »

I am in the same boat. It is approaching the 6 year mark for us both, but I was turned sown recently for an aqua card so perhaps it is just your luck. So on the credit report what do you do to sort any red markers which may appear on the file? I don't think that I would have any though but I will have to have a look.

You wont get any credit card while your IVA is still in force, the red markers will disappear after 6 yrs has passed from the date the default was registered..

UpToMyNeckInIt

sourcrates wrote: »

You wont get any credit card while your IVA is still in force, the red markers will disappear after 6 yrs has passed from the date the default was registered..

...You may be able to get credit in an IVA - I have.

'Vanquis' are another credit card provider who you may use to help rebuild credit files.

Their lending criteria cannot be too fussy - they have even accepted me whilst I am still in the IVA. Credit limit £500 initially, then £1,000 after 6 Months, and now been notified of an increase up to £2,000!!!

Will not be silly enough to use anything more than the £500 I am allowed, and at 39%APR, I make sure I repay it in full every Month.

Nice little emergency provision though.

When clearing up your files, make sure that you are on the electoral register as well.

But demonstrating that you can use a credit card responsibly will, along with the other things mentioned here, help your score recover nicely.

Good luck, and well done to those of you who have come out of the IVA experienced relatively unscathed, and I am sure, a little wiser.