Need to rebuild a bad credit history? New ‘last resort’ option.

bethanyrayne

xtastynuggetsx wrote: »

After years of my sticking head in the sand, i took an iva and started paying back what i could. Having looked at my experian rating for the first time today there are few red marks/defaults etc.

I'm not sure if should starting paying for one of these card or would i be wasting my time and money at such an early stage in my IVA (1st year) ?

I am newbie here so correct me if im in the wrong place.

Thanks

Your credit file is not going to get better until their are no red marks or defaults and the IVA will stop people giving you credit for a long time 6 years+

formidible

The biggest joke is that you can declare bankruptcy and not have to repay a penny to the Credit Card company. Whether you declare bankruptcy or decide to repay the balance you will still have a poor credit history for 6 years so it makes no difference. So which would you prefer - a big struggle to repay a balance that the card company have conned you into having as a 'good' customer, or getting it all cleared with a bankruptcy order costing just £340? I know which I'd prefer...

srichards

I wish I had done that now, instead of spending all my salary trying to pay stuff off. However it isnt too late, I still have 7K to clear, so maybe its an option..

Anyway Im going to get one of these pre paid cards.

My understanding is I can load £60 on it, and never use it. And all should be fine??

Is it really only after one year that I see a green blot?

srichards

oh !!!!...

Your details have matched to a previous application, please confirm the details below and continue. If the details are not correct please amend.

I havent already got one of these!!!!

srichards

!!!!!! I think Ive messed it up.

I just got accepted for the pre paid mastercard, but I forgot to click on the creditbuilder tab...have I just wasted £15??

ginormousflares

Hi everyone, here at the online payment details for Cashplus in case anyone was looking for them and it will save you a phone call too:

Advanced Payment Solutions Cashplus
Sort Code:15-20-25
A/C No: 10230643
Ref: 16 Digit Card Number

Hope this is of some help

GF x

formidible

ginormousflares wrote: »

Hi everyone, here at the online payment details for Cashplus in case anyone was looking for them and it will save you a phone call too:

Advanced Payment Solutions Cashplus
Sort Code:15-20-25
A/C No: 10230643
Ref: 16 Digit Card Number

Hope this is of some help

GF x

Maybe I'm dumb but why would anyone need the above details? Do you mean we can we use this to pay money in via a standing order or DD?

Vereniki

Hi everyone. I am considering this prepaid card both because I need a debit card to pay for train tickets etc and to start building up my credit. I am a Greek national that has been here for 4 years. Does anyone know if there are limitations for EU nationals and if my passport would be a sufficient ID for them?

Kez123

Hey

I am considering applying for a Cashplus Creditbuilder prepaid credit card but want to make sure it is definitely the right choice for me.

For example if I made a big purchase using the prepaid card would I be protected if the company went bust?

Also if I lost my prepaid card, would I lose all the money that I had prepaid onto it?

formidible

The answer to the former is 'yes' which is another good reason to hold one of these cards. It crossed my mind recently that if I had booked flights with XL Airways using my prepaid card would the payments have been protected after they had gone bust? The answer is yes because all prepaid Mastercards are serviced and backed up by exactly the same infrastructure as other ordinary credit cards. In fact you have more protection with one of these cards than you have using a debit card. If you had used a debit card to buy flight tickets you would lose everything once the company had gone bust.

However if you lose your card and you failed to temporarily de-activate it (which you can now do online) I'm not sure you'd get your money back. On the other hand if you have a pin number the only way anyone else could spend is over the phone or via the internet. I only top the card up when I know I'm going to use it on something specific. That way it's dead safe.