IVA done, what now?

B16 Forumite Posts: 5 Forumite
Not sure if anyone can advise me but I have now settled my IVA 🥳 but wondering what to do next, how to build up my credit score etc
Any advice gratefully received


  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,673
    Part of the Furniture 10,000 Posts Name Dropper Photogenic

    Well for starters good news, you don’t have a credit score to build, so you can forget that one, when I completed my IVA the last thing I wanted was further credit, I decided to live within my means, and have continued to do so ever since.
    It’s payment history that counts, just pay bills on time, maybe get a sim only contact, no late payment or defaults, time will build a history for you.

    So if you must use credit again, time is a great healer.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • PrettyKittyKat
    PrettyKittyKat Forumite Posts: 1,270 Forumite
    When you say settled - does that mean you have agreed an early full and final settlement? Or do you mean you have completed your IVA at the originally agreed timescale?

    I think the main thing to do is wait for your completion certificate then check any IVA creditors have updated the credit reference agency correctly so that after 6 years it drops off. Other than that do as sourcrates says, lives within your means and utilise your new budgeting skills! In doing so you will start to build a positive payment history
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