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Credit card - IVA problem

Last post Mon, Jun 29 2009, 12:07 PM by MarcusG. 7 replies.
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  •  Mon, Jun 29 2009, 12:07 PM

    Re: Credit card - IVA problem

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    for people who have bad credit histories I think CreditBuilder is a fantastic tool - anything to help improve it is a godsend... how else or what other toold are out to help for this?

    basic accouts from mainstream banks are in my opinion not very good - you get an electron card which isnt widely used etc.

    In my opinion I think it is only a matter of time before banks charge for accounts (at a basic level too)

    Furthermore I dont think the cost of the card with prepaid is the issue - when you have no option it is all that is worth getting aslong as the charges are not astronomical and you are getting value out of the fee!
    • Post Points: 5

  •  Sat, Jun 27 2009, 8:30 PM

    Re: Credit card - IVA problem

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    Different lenders interpret the information in different ways but some will avoid anyone who uses anything with a name like "credit builder" so if your only reason for using the card is to improve your credit file, you are wasting your money.
    • Post Points: 20

  •  Sat, Jun 27 2009, 8:21 PM

    Re: Credit card - IVA problem

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    I would go for the cashplus creditbuilder master card, its £4.95 a month but the best part is that it reports to your credit file building your score etc without really borrowing but you do have to have it for 12 months. So you are killing two birds with one stone
    • Post Points: 20

  •  Fri, Jun 12 2009, 9:40 AM

    Re: Credit card - IVA problem

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    Maxsteam - maybe I didnt make my earlier post clear.

    The card I have applied for is not solely designed for people in IVA's or DMP's but also for people with no financial problems that are just bad at managing their money. Unless a card has IVA or DMP or FINANCIALLY STUPID as its logo then checkout/receptionists would not know. As far as im concerned it is a tool to help people manage their finances and track their spending whether it is for yourself, children, overspending wife etc...

    I did a lot of research on prepaid cards as I needed one that suited me and this one seems to be good for a wide range of people

    regards,

    Marc
    • Post Points: 20

  •  Thu, Jun 11 2009, 7:50 PM

    Re: Credit card - IVA problem

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    There are quite a few prepayment cards around but, whatever the real reason for people using them, most people would prefer that the staff at the store checkout/hotel reception think that you are using a card designed for travel rather than one designed for people who have been involved with IVAs, DMPs and so on. I can't see a card that is directly assosciated with IVAs being too popular.

    It's still worth comparing the charges because there is a huge difference between the most and least expensive prepayment card.
    • Post Points: 20

  •  Wed, Jun 10 2009, 8:50 PM

    Re: Credit card - IVA problem

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    there is a new card out that is associated with the IVA and DMP industry that I have just applied for and their fees are low
    • Post Points: 20

  •  Tue, Jun 09 2009, 7:48 PM

    Re: Credit card - IVA problem

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    A prepayment card, like the post office travel money card, may be useful but all such cards make charges that are a lot higher than you would pay with a credit or debit card.
    • Post Points: 20

  •  Tue, Jun 09 2009, 12:16 PM

    Credit card - IVA problem

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    Last year my husband and I cleared an IVA leaving us with a credit rating of 0. We have tried to build up our credit rating since then but have been turned down, even for a £50 overdraft. We have gone to experian to check our rating and everything is fine.

    In August my husband retires and will receive a large lump sum. We want to do a world trip with some of this but every hotel we try to book abroad wants either visa or mastercard details to do so. We're in a catch 22 situation and don't know what to do.

    Can anyone give advice please?
    • Post Points: 20