Monthly instalments

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Arek

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Post by Arek » Fri Jan 30, 2015 12:12 pm
Hi

Are we eligible (people on IVA) to apply for monthly instalments to buy something? (If we passed a credit check of course ;))

Thanks
 
 

ilikewatch

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Post by ilikewatch » Fri Jan 30, 2015 12:20 pm
Assuming that you mean taking credit (as opposed to a "christmas club" style scheme where you pay for an item upfront using installments) then it depends on your arangement.

Some arangements allow a small amount of credit to be used without needing permission from your IP, otherwise you would have to approach your IP and gain permission before taking on any credit.

I'm guessing that you're talking about a catalogue or a Brighthouse style shop?
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
 
 

Arek

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Post by Arek » Fri Jan 30, 2015 12:39 pm
Yes, I am talking about a Brighthouse style shop or taking fixed term credit, what allows me spread the cost over 10 monthly repayments. Example pay a 10% deposit in store by debit card followed by 10 monthly repayments.
So I understand, monthly instalments is like taking the normal credit. Some of us may take credit up to 500£, some of us are ineligible.
Thanks
Last edited by Arek on Fri Jan 30, 2015 1:42 pm, edited 1 time in total.
 
 

Shining

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Post by Shining » Fri Jan 30, 2015 2:30 pm
I wouldn't personally I would talk it over with your IP if it's a vital purchase as often a payment break can be arranged in the first instance.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Arek

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Post by Arek » Fri Jan 30, 2015 2:50 pm
Yes, I have asked my IP about this. Got an answer. Thanks :)
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