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 A couple of tips to improve Credit rating

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T O P I C    R E V I E W
donememoney Posted - 29 April 2009 : 17:11:30
Hi all

I was discharged from my BR last month after owing over £130,000 to various creditors. I am now in an IVA and have started on the road to rebuilding my credit rating. Although I will never get into serious debt ever again I do need some sort term account facilities (mobile phone renewal etc) I have discovered a couple of places that will help improve my situation and thought I should share them with you.

Firstly I have applied for and been accepted by Nat West Bank for a "Step Account". I told them the whole truth about the BR and even owed them money in BR. This is a basic bank account but comes with a proper Debit Card (unlike Nationwide etc) More importantly they have confirmed that provided I keep my account in good order for 12 months, they will not rule out upgrading my account to a cheque account which is very good news!

I have also opened a Vanquis Credit Card. BEWARE! THE APR IS 40% so do NOT run up credit on it. I am paying it off each month and only have a small limit of £1000. The important thing is that I am creating a new repayment history and it is costing me nothing. Unlike the so-called credit repair companies that charge you large sume to do the same thing.

Vanquis are at www.vanquis.co.uk and no I do not work for them. I truly hope this info will help other forum members
9   L A T E S T    R E P L I E S    (Newest First)
pbs106 Posted - 18 February 2011 : 16:42:05
Many thanks for the information which will prove useful as I start to rebuild my credit file. I used a Nat West "Step" account during my year of bankruptcy and they were very helpful and problem free.
zaccolbert Posted - 18 February 2011 : 14:17:15
Some great tips in there thanks for sharing guys. I used a prepaid mastercard from My Cash Plus to improve my credit rating, check them out, you're guaranteed to be accepted and they make a good bank account alternative.
Niobe Posted - 30 April 2009 : 10:10:04

It sparked off an interesting thread though!

The glimmer gets brighter all the time

donememoney Posted - 30 April 2009 : 08:30:58
Apologies to all I said IVA when I actualy meant IPA.... Doh!
Reviva UK Posted - 29 April 2009 : 22:41:22
Lets say that you are owed money by someone who is now dead, and their estate refuse point blank to pay.

You are presented with a Statutory Demand meaning that your creditors will make you Br. The only way to pay your debt is to collect the money owed by the deceased persons estate - and they are less than helpful.

If the deceased person is made Br then the OR will discharge all the debts, meaning you get your money and can avoid Br.

I have a big spade if anyone needs me!

Paul Johns
Assisted Bankruptcy Specialists
Reviva UK

Real People ..... Real Debt Solutions
Niobe Posted - 29 April 2009 : 22:11:29
Thanks Paul.

Didn't know that you could make a dead person BR though! Bit bizarre that.

The glimmer gets brighter all the time

Reviva UK Posted - 29 April 2009 : 20:10:06
SOmetimes if you have been made bankrupt ( via a creditors petition) it may be appropriate to propose an IVA rather than continue with Br.

For example if the local council made you Br because of council tax arrears £1000, and your other debts were £20k, then theoretically you went Br for 21k.

If however you had £500 per month disposable and or £50k equity in the house then nobody is served by the bankruptcy petition.

When made Br this information is not available so you can find the odd occasion that an IVA is proposed while Br.

Incidentally you can actually make a dead person Br , which means that if they had assets they are liable to pay the debt.

Paul Johns
Assisted Bankruptcy Specialists
Reviva UK

Real People ..... Real Debt Solutions
Niobe Posted - 29 April 2009 : 19:25:50

Surely if your debts have been written off in BR, then you wouldn't need an IVA?

The glimmer gets brighter all the time

gettingoutofdebt Posted - 29 April 2009 : 18:06:43
That's good news about being discharged from the BR but how do you go from a BR to an IVA? I know you can go the other way if the IVA fails but can you also change from a BR to an IVA?

The Nat West account sounds good, lots of people also use the Co-op basic account, which has a Visa Electron as well.

I would be very worried about getting a CC so soon after being discharged from BR, and especially one with a £1k limit and 40% APR, but it will help to rebuild your credit limit. Just make sure you pay it in full each month. Capital One do a similar one with 35% interest but I think you can only get a £250 limit.

Good luck in rebuilding your credit rating.

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