Adding a smallish shop onto overdraft while starting IVA process ?

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Karen.36

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Post by Karen.36 » Mon Sep 29, 2014 10:12 pm
Hiya, we have started the ball rolling but havent given final figures yet on cards and overdraft and hubby doesnt get paid for another 2 weeks will it look really awful on the table in front of creditors if we have added a smallish asda shop onto overdraft whilst starting this process I know we have over estimated total amounts so wont be actually over the sum we quoted PP. I feel as though we are completely stealing but I do have a 7 year old we are trying to sort our lives out for.
 
 

dancer

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Post by dancer » Mon Sep 29, 2014 10:48 pm
I don't know the official answer but you need to eat & your child certainly should not be expected to go without the basics - food shopping has been less stressful while in the IVA as we have been given a realistic allowqnce rather than trying to eat on a budget so that debt repayments could be paid.
 
 

Til

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Post by Til » Mon Sep 29, 2014 11:45 pm
I recall setting up ours and having to buy food on credit just as the iva was being set up... I was told not to worry if you are adding to the credit for food as this is vital.

If you were shopping for handbags the creditors might frown on that.

Personally looking back I would do a massive food shop to last you the next couple of weeks so you don't have to worry about feeding your child. Food on the table and a roof over your head come first - debts are not as important as that when you have a little one and a food shop won't go against you if you go into an iva.

And it's not stealing as you'll have paid lots in interest over the years I'm sure and your IVA will allow you to pay as much back as possible over the next few years too x
Last edited by Til on Mon Sep 29, 2014 11:46 pm, edited 1 time in total.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr

IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
 
 

bridgey

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Post by bridgey » Tue Sep 30, 2014 8:08 am
Ass Til said, I also remember doing a food shop during the process of the IVA being set up and agreed... it's not a luxury.

Also, you should have been told to canx the DD's to any debts, loans, CC's etc etc... put that aside for a rainy day (or use some for food...)

Good luck
Half the lies you tell aint true
 
 

Shining

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Post by Shining » Tue Sep 30, 2014 9:01 am
Maybe best to stop paying creditors that are to be included in the IVA and build up a contingency. Food is a necessity with or without a child so I wouldn't beat yourself up about it, sometimes it's unavoidable.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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