What will happen ? I took out a pay day loan, which has been paid off.

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Jamesdc31

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Post by Jamesdc31 » Fri Jul 03, 2015 12:38 pm
Hi. I took out an iva and am due a review. I took out a pay day loan a few weeks ago and it will show up on my bank statement. The loan has been paid off and I have not missed any payments. What will happen to my Iva
 
 

lifenoteasy

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Post by lifenoteasy » Fri Jul 03, 2015 12:41 pm
Probably nothing but just be careful going forward.
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.
 
 

Foggy

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Post by Foggy » Fri Jul 03, 2015 1:21 pm
Hopefully it will go unnoticed, but it could be looked on badly. You might get away with it if it is under £500 and you have the clause allowing credit up to that amount without prior permission.

More to the point is why did you need a payday loan? If your allowances are too tight they need looking at, if you are simply overspending then that needs to be addressed too.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Fri Jul 03, 2015 1:23 pm
It would be cheaper to miss an IVA payment and make that up rather than taking out a payday loan. You have probably not breached anything but try and avoid it in future.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Lisa Thomas

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Post by Lisa Thomas » Fri Jul 03, 2015 3:39 pm
Hi James - I agree with the others. Think about why you needed it in the first place - was it for necessity? If so you might find your IVA payments are set too high for some reason and may need reviewing.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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