Still having Credit during IVA

[bfu1973]

Hi there

My husband and I have had an IVA for just over a year, we have defaulted by not being able to keep up with the payments, have had our annual review and have been requested to pay the outstanding money which was due during the first year.

When our IVA was approved we did not include some store cards as there was nothing owing on them at the time. Since this time we have utilised this credit.

My question is as follows... We have decided to declare bankruptcy, however are worried about this credit which has been used since the IVA...

Can anyone give us some advice as to whether this will cause problems during the bankruptcy proceedings? and if so what sort?

Thanks

Sharon

[MelanieGiles]

Hi bfu and welcome to the forum

You will probably get a Bankruptcy Restructions Undertaking or Order which will delay your discharge from bankruptcy, as a result of taking additional credit whilst in an IVA without the permission of your Supervisor.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk