What Kind of Credit Can You Avail after an IVA?
IVA Credit Cards
There are some lending institutions that easily give out credit cards after some formal procedures. However, getting a credit card from these institutions is not a big problem compared to famous conventional banks.
Surely, there might be fewer options and facilities if you are getting a credit card from such a lending institution or programme but something is better than nothing.
To know more about IVA credit cards, please check this article.
Mortgage for IVA
You can apply for IVA mortgages after an IVA but it is really difficult to get one until the record has been cleared off from your credit file. Usually, the Individual voluntary agreement record gets off your credit file after six years.
The agreement still may affect the terms of the mortgage you will be getting, it really depends on the lenders at that point.
You can apply for personal loans as you reach the end of your agreement. The loans you will be able to get after the completion might be short term, such as payday, budget, and loan extending from 4-8 months.
To get a long term loan you might have to wait for the si year mark when your credit file no longer mentions the Individual voluntary agreement history
IVA Car Finance
You can easily avail car finance after you are done with your agreement compared to other types of credits. You also might not have to wait six years to apply for car finance.
There are thousands of lending institutions with flexible car financing plans. You can always pick out and choose any one of them.
If you can’t find a good one, you might like choosemycar.com
Apart from that if you want to know all the details about car financing after the individual voluntary agreement, click here.