Maxed out Vanquis card and now can't afford minimum payment. I am in an IVA .

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Cameron.r

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Post by Cameron.r » Wed Mar 04, 2015 3:10 pm
I am in an IVA and out of desperation and with their promoting took on a Vanquis credit card . It is now maxed out, i lost my secondary income and cant afford the minimum payment .Where do i stand ??
 
 

Sharon.10

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Post by Sharon.10 » Wed Mar 04, 2015 4:09 pm
Hi cameron.r how much do owe on the credit card how far a long are you in the iva.
Last payment made August 2012 Certificate of Completion recieved 15th of Novenber 2013.
 
 

Slowlygoingunder

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Post by Slowlygoingunder » Wed Mar 04, 2015 4:16 pm
Hi oh dear :( I can understand your desperation, how did vanqis allow this if you are in an IVA !? Technically you are in breach of your Iva and it could fail ! I would come clean with your IP and see what they suggest .. Who are you with? You will only stress yourself out if you don't approach them ASAP . sending best wishes and hope you can continue iva
IVA accepted 15 April 2015
 
 

Foggy

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Post by Foggy » Wed Mar 04, 2015 5:20 pm
Hopefully they started you out on a low credit limit !

Most arrangements allow for credit up to £500 (some with the IP's permission). What you need to do is to speak to your IP and confess all. Ask for a payment break to enable you to pay off the balance and then cancel the card. At the same time you need to discuss with your IP why this happened as your payment might need adjusting to make things less tortuous.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

lifenoteasy

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Post by lifenoteasy » Wed Mar 04, 2015 5:28 pm
I assume that your IP was aware of your secondary income - as everyone has suggested the best option is contact your IP.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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