I am considering an IVA as have around £35000 debt with more than 3 companies.
However the bulk of this (£16000) is a loan from a credit union (no1copperpot - police credit union) who take payments via my salary.
I recently spoke with a IVA practioner who said that my loan with credit union is not eligible as they can always take payments due to it being via my salary and an IVA could not stop this. Can anyone confirm the situation with IVAs and Credit Unions??? Thanks
Last edited by scottie78 on Mon Aug 15, 2011 8:18 pm, edited 1 time in total.
Not sure about the advice that you have been given - the loan is a loan and the credit union will have no call over your salary once an IVA is accepted. I have several clients who have debts to this credit union, and they are pretty supportive so long as the money was not borrowed recklessly.
One thing to bear in mind here is that, if you decide to proceed with IVA, your paperwork will show your take home salary as being higher than it currently is, as the deduction from your wages will stop. So, for example, if your take home is £1400 now after a £200 payment to the loan, it will show £1600.
Easy to panic about that at first glance, but all it means is that the £200 that previously was exclusive to the Credit Union is now available for the benefit of all creditors, which is obviously the fairest way.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Hi Scottie....My IVA was accepted on 5th July, I had 12 creditors and my largerst debt of £11,000 was a loan with No 1 Police credit union, Im with CCCSVA and was told they had to be included as they are regulated by FSA, anyway the Credit Union voted yes to my IVA and stopped my payment as of this month, was too late for July pay but they just sent me a cheque a few days later for the amount that had been deducted,I did received a rather snotty letter from 'Jeremy' the lending manager about how Id let my colleagues down etc.... but wished me luck for the future, so I would say yours would have to be included as mine was but they are helpful and efficient, so please dont worry
Tracy
Last edited by oscarsmum1 on Tue Aug 16, 2011 11:56 pm, edited 1 time in total.
You have not let your colleagues down at all - you have taken the most responsible decision possible, and perhaps "Jeremy" ought to show a little more compassion and understanding.
Because you have borrowed from the credit union they can tell your force about the IVA. it will have some implications so be aware of these and consider them before signing up. You will not be able to transfer forces as it will show up on your security clearance. You won't be accepted for any internal transfer that requires extra security clearance. A note of the IVA will be put on your personnel file.
"Just when you think that you can make ends meet, somebody moves the ends."
An IVA in the Police should not effect your clearance as long as you are honest. Last year i went through a high level clearance with my force. I discussed the IVA with the vetting officer who was very supportive and stated an IVA is a legal way of dealing with your debts and actually lowers the risk of corruption as you have addressed your problems in a managable way. I would urge any Police Officer who does have problems to take it further. I had no problem passing the new anti terrorist vetting from the Home Office.
It depends what it is for, some do frown on an IVA as you may well be laying yourself open to bribery (total nonsense as you are addressing your debts),
You've been very lucky Adders.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I certainly would not let it lie. The arguement re bribery is totally floored as my force say an IVA makes you far less open to it. The Fed should try and get some national guidelines for this issue. I even worked in PSD with an IVA
I'm Police staff and I spoke to my HR dept and welfare dept who both offered me advice and HR dept stated, unless I was going to apply for another post in a specialist area, which could be open to bribery and would require a credit check, then I'm fine with my IVA and other than that it would not affect me, luckily I still love my job role after 13 years and have no intentions of leaving unless I am pushed! Just going to keep my head down and plod on until retirement in errr...25 years!! If the credit union do start telling tales, Im fine with that as the people who need to know are already aware. Its a shame if it does stop people changing roles/promotion etc though, do other credit unions inform other employers about peoples IVA's ? Doesnt seem right or fair.
Its not the credit union who tells them. The force vetting unit does credit checks as part of the vetting procedure and this shows up the IVA. Every force member is re vetted every so often so it could be a few years before it pops up. As i say my force is very supportive of IVA's it does not stop you applying for internal transfers or joining the force. Im just so surprised other forces are not forward thinking.
