Thinking that IVA finished after the 60th payment, I took out a loan. Will this now fail my IVA ?

[Darren.19]

I thought I had finished my iva after the 60th payment and stupidly borrowed £1500 from the credit union where I work because I needed a car fast as my old car had completely packed in. I work miles from any public transport so not an option to get a bus or train. I'd no other option. I've now realised my iva will fail because of that. What are my options. Are there any options?

[Foggy]

I doubt the IVA will fail as you had fulfilled your obligations and were merely waiting for the paperwork.

You should have sought permission from your IP, which might well have been forthcoming in the circumstances anyway.

Is your IP aware of this and has he / she made any comment ?

[Darren.19]

I hope you are correct but I'm not convinced as you're not an expert on IVA's. Please don't take offence at that! Somehow I don't think it is so straight forward

[urbanfox]

Hi Darren.19 - Foggy may not be an expert on paper but on this forum, he consistently provides sound advice to everyone who voices concerns and we are all truly thankful for the unbiased advice that he does give.

[Darren.19]

Hi Urbanfox. I don't doubt he knows what he's talking about but I'm scared out of my mind that I've been paying a quarter of my salary for 5 yrs and may have to start another IVA.

[Darren.19]

Foggy my IP isn't aware of the loan but I intend to make him aware in the next couple of days. I hope he and I can resolve this issue. Thanks for your input

[luluj]

Hi please don't panic ..your iva will not fail over this. Chat to your IP to let them know and I am sure, like foggy, they will be ok about it. You can clearly afford the repayments now your iva has ended and £1500 is a relatively small amount anyway so it will be paid back in no time.
let us know how you get on when spoken to your IP.

[Adam Davies]

Hi

Has your IP asked for further paperwork before finalising your IVA ? If so just chat with them and explain that you were not aware that you couldn't take a loan. Given the circumstances I do not think you have anything to be concerned about

Regards

[Shining]

Like others say given the circumstances you should be ok but only your IP can give case specific advice.

Within the forum us non-experts give general support reassurance and advice to all whilst remaining non-judgmental.

[Michael Peoples]

Your IP would almost certainly have granted permission for the loan and can do so retrospectively given the circumstances. I doubt very much if this will impact on your IVA in any way.

As for Foggy he knows as much as any of us 'experts' and his opinion is impartial and unclouded.

[Darren.19]

Just a quick update on my situation. I spoke to my relationship manager at length and she doesn't think it will impact too much on my IVA or make it fail. Hopefully that turns out to be the case. Thanks everyone for your helpful advice

[Foggy]

Hi Darren ..... best of luck going forwards.

And, everyone else who posted, thank you for your kind comments.

[linrog]

your a true inspiration foggy