If my practioner finds out I had to take a loan after marriage breakup, will I be made bankrupt ?

[Cait.w]

I'm in year 6 of my iva. It ends December 2016. My marriage broke up in 2014 and I had to take out a loan £2000 from a doorstep lender to pay for somewhere to live. I'm paying £5 a month to the lender under a direct arrangement with them. I had no choice. If my practiser finds out will I be made bankrupt?

[luluj]

Welcome to the forum. I doubt you would be made bankrupt at this late stage however you probably would have been better to have advised them at the time as a payment break probably would have been more beneficial in the long run or advice from them may have helped.

Paying £5 a week on £2k loan is never going to end.
What are the interest charges being added ?

[Adam Davies]

Hi

I think you will be fine and I can totally understand your reasons for taking the loan

Do you pay the £5 from your bank account each month ?

Regards

[Cait.w]

Hi Andy. Yes I do.

[Lisa Thomas]

Firstly check your proposals, modifications and terms - did they state that credit was restricted to £500 without approval from your Supervisor?