I have borrowed a bit to get through IVA. Will it fail if they find out ?

[lifenoteasy]

See http://www.zenithchambers.co.uk/cms/doc ... to_run.pdf

[Chantal.01]

Hi with my company it does as this is what they told me. I am only telling you what I have been told in the past by the advisors at HB. As for the honeymoon we got 2k towards it in funds as presents and then the rest we are paying from our salaries each month. I've cut down my food shopping and changed to Lidl to help too. I am confident that everything will be okay. It is just a juggling act most months and trying not.to miss too many payments with too many suppliers all at once and missing one but making it up the next then when someone else is happy stop theirs for a month and pay someone else. All my bills at the moment apart from one payment to Harrington Brooks and my honeymoon are all up to date. quote]Originally posted by kallis3

Actually, a payment break does not extend the term of your IVA if you can add extra to future payments, as we did.

I am now confused about the fact that you are paying for a honeymoon? How on earth have you managed to fund that?
[/quote]

[Chantal.01]

Where you state you need to prioritise your debts, within reason yes you are right but you also need a life and to live and have things that you don't expect come up so you have to take each month as it comes and not go overboard. Everyone is entitled to a life. Life is for enjoying too or what's the point? I think we had a brilliant wedding and kept it cheap for 6k. I run a car, I pay all the utilities I went to Australia as I couldn't not. My brother got married, all my family went and no one could find out about the Iva, I am trying to better myself and study my AAT on level 4 now with two exams and project left, so nearly finished that. I think I do marvelous to be honest. With only an average salary. I've never missed a payment on mortgage or council tax. So I've always made sure that the priority ones are paid. I sometimes fall behind on my virgin phone or my mobile phone but I always catch up with them the following month as I am not having to say pay out for a car repair, or a wedding or 500 to the housing association so it is all not as bad as maybe I made out. I managed by having payday loans monthly increasing them, then decreasing them and then increasing them again but they are almost settled now so hopefully I will find it a bit easier to manage going forwards and complete this Iva without a hitch. Only 2 years left. That will go quick now I am happily married.

[Chantal.01]

Hi thanks for that but this is not really relevant to me as this is someone who constantly missed paying their rent. I haven't. I have extra charges added on their which have not been budgeted for as we as shared owners do not know exactly how much they will charge until they complete the accounts 6 months later and it is that that puts the account in arrears as I am unable to pay them the extra straight away.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lifenoteasy

See http://www.zenithchambers.co.uk/cms/doc ... to_run.pdf

[abbiesmum2003]

Hiya ive read this whole thread and to be honest I dont think youve learnt from mistakes which led to iva in the first place. Youve got catelogues, credit card, had payday loans and still rob peter to pay paul each month. This is not the behaviour of someone whos learnt from mistakes with money and who will survive an iva or life afterwards. I know that sounds harsh but an iva is meant to keep you living within your means and budget for changes in the future and plan ahead for the unforeseen. I think your company have possibly failed you because they should have picked up on the catelogue payments and certainly spotted the overdraft. Im surprised itsnot been picked up on and closed down. You need to revise your I&E with realistic figures you should have a clothing allowance, food allowance, petrol etc etc and have to learn to live within those limits. Im a mum of 3 young children who are constantly growing so neednew clothes, shoes, school uniform, trips, clubs etc etc. Weve had to pull back and plan and put little amounts away for changes in circumstances or bill increases and car service/mot. You are still relying on credit which does not bode well. You have to speak to your IP and see where you stand. I think you have been very lucky not to have been told about a breach. Good luck.

[recovering]

The trouble is the payday loans are a breach whether you manage to keep up with the payments or not. As we have all said before, I hope you get it sorted sooner rather than later. We all make mistakes but this will be serious to your IVA unless you sort it.

[Chantal.01]

Hi Abbie, thanks for your message. I haven't got a clothing allowance allowed on my expenditure form and the IP has never advised me I am entitled to one so I have done it my own way
I only have one catalogue and I have a huge credit limit which I am no way near as I now only purchase a few essential items a year for work. It is also handy for if my laptop breaks and is inseparable I can replace it straight away or the washing machine packed up cos I have no savings or an allowance to save towards them. I also only have one credit card to help out with the unforseen with a small limit which is set to pay the balance in full and not just the minimum like I used to do. So I have learnt. That's allI need and want. A couple of buffers if things go wrong
wrong. Everyone needs that
I have no savings and have not been given an amount to save for a rainy day. Prior to my Iva I had debts of 15k which over 75 percent of my salary was needed to keep up the minimum repayments. Now I barely pay back 10% of my salary and only have 2 accounts, not 8 like before
before my Iva so I will argue that I have learnt and I am now sensible.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by abbiesmum2003

Hiya ive read this whole thread and to be honest I dont think youve learnt from mistakes which led to iva in the first place. Youve got catelogues, credit card, had payday loans and still rob peter to pay paul each month. This is not the behaviour of someone whos learnt from mistakes with money and who will survive an iva or life afterwards. I know that sounds harsh but an iva is meant to keep you living within your means and budget for changes in the future and plan ahead for the unforeseen. I think your company have possibly failed you because they should have picked up on the catelogue payments and certainly spotted the overdraft. Im surprised itsnot been picked up on and closed down. You need to revise your I&E with realistic figures you should have a clothing allowance, food allowance, petrol etc etc and have to learn to live within those limits. Im a mum of 3 young children who are constantly growing so neednew clothes, shoes, school uniform, trips, clubs etc etc. Weve had to pull back and plan and put little amounts away for changes in circumstances or bill increases and car service/mot. You are still relying on credit which does not bode well. You have to speak to your IP and see where you stand. I think you have been very lucky not to have been told about a breach. Good luck.

[recovering]

You are not allowed a credit card, catalogue account, overdraft or payday loans whilst in an IVA unless you have permission from you IP. That is the simple fact you don't seem to be able to accept, Good luck going forward!

[Chantal.01]

I will also add that an Iva is a way to repay your creditors at a rate you can afford and avoiding going bank rupt which is more serious and has serious consequences. It does teach you to budget and I do to the best of my ability.I also only make necessary purchases, shop at Lidl for my food, prior to the iva I was shopping in waitrose and M and S and always putting it on the credit card. I now only pay by debit card or cash.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Chantal.01

Hi Abbie, thanks for your message. I haven't got a clothing allowance allowed on my expenditure form and the IP has never advised me I am entitled to one so I have done it my own way
I only have one catalogue and I have a huge credit limit which I am no way near as I now only purchase a few essential items a year for work. It is also handy for if my laptop breaks and is inseparable I can replace it straight away or the washing machine packed up cos I have no savings or an allowance to save towards them. I also only have one credit card to help out with the unforseen with a small limit which is set to pay the balance in full and not just the minimum like I used to do. So I have learnt. That's allI need and want. A couple of buffers if things go wrong
wrong. Everyone needs that
I have no savings and have not been given an amount to save for a rainy day. Prior to my Iva I had debts of 15k which over 75 percent of my salary was needed to keep up the minimum repayments. Now I barely pay back 10% of my salary and only have 2 accounts, not 8 like before
before my Iva so I will argue that I have learnt and I am now sensible.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by abbiesmum2003

Hiya ive read this whole thread and to be honest I dont think youve learnt from mistakes which led to iva in the first place. Youve got catelogues, credit card, had payday loans and still rob peter to pay paul each month. This is not the behaviour of someone whos learnt from mistakes with money and who will survive an iva or life afterwards. I know that sounds harsh but an iva is meant to keep you living within your means and budget for changes in the future and plan ahead for the unforeseen. I think your company have possibly failed you because they should have picked up on the catelogue payments and certainly spotted the overdraft. Im surprised itsnot been picked up on and closed down. You need to revise your I&E with realistic figures you should have a clothing allowance, food allowance, petrol etc etc and have to learn to live within those limits. Im a mum of 3 young children who are constantly growing so neednew clothes, shoes, school uniform, trips, clubs etc etc. Weve had to pull back and plan and put little amounts away for changes in circumstances or bill increases and car service/mot. You are still relying on credit which does not bode well. You have to speak to your IP and see where you stand. I think you have been very lucky not to have been told about a breach. Good luck.

[Barbara.05]

Glad to hear it's not so bad if it was me I'd be having nightmares! Get rid of catalogues and payday loans, only a couple more years and your IVA will be finished it would be a shame to fail it now, good luck and enjoy your honeymoon [:)]

[Chantal.01]

No one understands what I am trying to say so let's end it there as I am just going around in circles and not getting the answers I originally requested or was looking for. Thanks.

[recovering]

The answer is yes your IVA company could fail your IVA as you are in breach . However as we said
You can try and sort it out with them

[relieved33]

Different people have different priorities. An IVA is a way to pay back what you can afford over a period of time. For me, a laptop, honeymoon, holiday, clothes etc would be classed as a luxury. We had a bed that was ridiculously uncomfortable for ages during the iva. I know my attitude to credit completely changed during the iva but guess that doesn't go for everyone.

The credit you have taken in the iva would have breached mine. I don't know your terms but most seem to say £500. I would be concerned in your situation and would be working with my IP to ensure I didn't fail and end up with interest applied retrospectively to my debts.

[Barbara.05]

I think the answer you were looking for is yes your IVA company will find out all they need to do is check your credit file.

[relieved33]

1. They could find out from a variety of sources as has often been reported on here.

2. It could well fail as you appear to have breached your terms and conditions.