Can I get a logbook loan, when taking out an IVA?

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Chrisd1211

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Post by Chrisd1211 » Sat Apr 30, 2016 12:16 pm
Can I get a logbook loan, when taken out a IVA? I think I know the answer, but unfortunately
need money urgently.
 
 

kallis3

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Post by kallis3 » Sat Apr 30, 2016 12:21 pm
Hi and welcome,

You should not take any credit whilst in an IVA and certainly not without your IP's permission.

If you are struggling you could ask for a payment break?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Foggy

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Post by Foggy » Sat Apr 30, 2016 2:54 pm
No credit without IP's permission I am afraid.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Shining

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Post by Shining » Sat Apr 30, 2016 6:11 pm
Hi and a warm welcome, as others say it's a no but do have a word with your IP as if you could take a payment break for a valid reason this may help?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MerlinL14

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Post by MerlinL14 » Sat Apr 30, 2016 7:25 pm
As much as you are desperate for some extra cash, and the chances are these logbook loan companies don't really carry out correct credit checks, I really wouldn't go down the road of getting more debt. Speak to your IP and try to arrange a payment break or borrow the money from family. The logbook loan sharks are not the way forward.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
 
 

kallis3

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Post by kallis3 » Sun May 01, 2016 9:02 am
Don't forget that if you do take out a logbook loan and you default, they can come and take your car.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Lisa Thomas

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Post by Lisa Thomas » Tue May 03, 2016 10:08 am
Why do you need money desparately?

If your circumstances have changed you need to let your IP know so they can review your I&E and relevant contributions.

They might be able to reduce your payments and/or allow you to have a payment break.
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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