Hi, I just wanted to know, what would happen if I got a credit card while in an IVA. If the company did a credit search and decides to give you one. ??
Life in an IVA without credit is doable, so best not to fink about it no matter how tempting it might be! All bar iffy payday loans & the like which can spiral out of control, no one will lend you a pencil your credit record will see to that.
Semantics apart Hubert, it boils down to what your IP thinks. You could win the semantics arguement and he can fail the IVA. Of course, you could then argue the case with the regulators, who are unable to reverse an IP's decision --- semantics maybe, but there are times to fight and discretion is sometimes the better part of valour.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Try and do without - but there is no doubting that a credit card is useful for certain types of purchases.
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.
Check your proposal terms or with your IP first as you wouldn't want to breach your IVA and of course consider why you need the credit in the first place...
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
Semantics apart Hubert, it boils down to what your IP thinks. You could win the semantics arguement and he can fail the IVA. Of course, you could then argue the case with the regulators, who are unable to reverse an IP's decision --- semantics maybe, but there are times to fight and discretion is sometimes the better part of valour.
Well I cannot disagree with that Foggy..
I would not suggest rocking the boat.
However for anyone getting a credit card just make sure you request a credit limit under £500 and you'll be fine.
I have just written my IP asking if it's ok to have one. We are having a baby soon and will use it to shop online etc if approved. The plan is to clear it at the end of each month.
My terms seem to suggest that I'm allowed credit up to £500 but having come this far I'm not going to risk the IVA. I'm left with just two payments to make.
I will post here their response but of course the IP will take into account individual circumstances.
*IVA started Sept 2010
*Last Payment Taken August 2015
*Completion Certificate Issued November 2015
hwima - useful response, thank you for posting. Your IP may have wanted to know where you were finding the 'extra' funds from the be able to repay the credit each month....Although with only 2 months left it may not be worth querying. It seems that perhaps your disposable income may have needed a review and a decrease given the change in circumstances, rather than you having to obtain credit. Just a thought!