Finishing IVA! Rebuilding Credit File

baby_becks

Hi

Were about to pay our final IVA payment on the 15th Jan after 6 long years :beer: it was extended for a year as we didn't have any equity in the house.

Couple of Questions:
- Can they extend it further if you still don't have any equity?
- How long does it take for a completion certificate to come through?
- How long till it disappears from our credit file?
- What are the fastest ways to repair our credit files (mainly to enable more flexibility when looking for jobs)?

Thanks in Advance

foxy-stoat

Firstly, well done !

The IVA wont be extended further as no release of equity will be required - assuming thats what your contract says.

Your certificate will be issued somewhere between 2-12 months, depending on PPI refunds.

Your credit file will be clear 6 years after the IVA started, assuming your defaults dates are all correct - get either a free noodle credit report or £2 report - do not sign up for a monthly one or pay for credit scores.

Get a Vanquish credit card or Capital one. Buy a tank a fuel or a food shop and clear the balance in full after the statement comes in - no 50 inch LED TV's or anything else that you cannot afford to buy as the interest rates are 40%. Do this for 12 months and cancel the card and apply for another main stream card and only buy food/fuel and clear the balance every month.

Good lucks.

amynevs

Hi,

I am in a IVA agreement (1 yr and 1 mth left to complete) and I just signed up to Noddle for a free credit report to see where I was with things, and start planning on how to get my credit rating built up once the IVA had finished.

On the report I noticed that I have still default payments ongoing - only one debt is labelled as "Satisfied" the other 2 are classed as "default" - I was under the impression that the IVA sorted/settled these with the banks and that is why I was paying a monthly amount to my IVA provider...?!

Would you or anyone be able to shed any light on this matter - whether this is normal or if I can dispute this on my credit report?

Many thanks in advance,

sourcrates

baby_becks wrote: »

- What are the fastest ways to repair our credit files (mainly to enable more flexibility when looking for jobs)?

Thanks in Advance

Hi,

Don't let the first thing you do on becoming debt free, be rushing straight into getting more credit !!!

Let me ask you this, why do you need to repair your credit file ?

The only reason would for further borrowing, that didn't work out well last time did it !!

The worst thing you can do is get a credit card, don't do it, try and live within your available budget, and don't resort credit again.

Just by staying in credit at your bank, or by getting a mobile phone contract, will give you nice little green ticks every month, no need for credit cards.

memberme

Interesting how the agreements vary. in ours if you had no equity (75% LTV) then your house was discounted fully. Its sensible really as they shouldn't be able to extend as an alternative to no equity????
My IVA just finished so I'm sure of my facts. To any folk considering IVA I would check this out beforehand and if its not clear, then clarify and don't chose a company with this outdated policy

baby_becks

Thanks everyone Creditfix confirmed final payment made and all creditors details settled and sorted.

Main reason to repair credit file is due to credit checking on applying for jobs so thanks for the advice I'll research the credit files now and chase for removal of any are incorrect.

I'm free! ������

baby_becks

foxy-stoat wrote: »

Firstly, well done !

The IVA wont be extended further as no release of equity will be required - assuming thats what your contract says.

Your certificate will be issued somewhere between 2-12 months, depending on PPI refunds.

Your credit file will be clear 6 years after the IVA started, assuming your defaults dates are all correct - get either a free noodle credit report or £2 report - do not sign up for a monthly one or pay for credit scores.

Get a Vanquish credit card or Capital one. Buy a tank a fuel or a food shop and clear the balance in full after the statement comes in - no 50 inch LED TV's or anything else that you cannot afford to buy as the interest rates are 40%. Do this for 12 months and cancel the card and apply for another main stream card and only buy food/fuel and clear the balance every month.

Good lucks.

I don't have any PPI refunds processing or applied for, is it likely to be within 2 months