I need to send statements to the IVA and the statements show payments being made to a credit card. If these are showing on the statement will I be able to pay off my IVA. If I have a higher disposable income will this effect paying the IVA off ? E
If you are in an IVA you should not have a credit card - why have you felt the need to do this.
You will probably make higher payments if your income is higher but your IVA won't conclude early unless you can pay off your total debts in full plus fees and possibly statutory interest.
You may find yourself in trouble with the credit.
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
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kallis3
Hi and welcome,
If you are in an IVA you should not have a credit card - why have you felt the need to do this.
You will probably make higher payments if your income is higher but your IVA won't conclude early unless you can pay off your total debts in full plus fees and possibly statutory interest.
I felt the 'need' to use a credit card as nine days after my first child was born my Father died. He didn't have any money, left no will and I wanted to bury him!
Maybe you should address your opinion forming tone prior to posting replies.
I was upset when I wrote my email and appreciate I probably didn't provide enough information in order for someone to send a helpful response. Lesson learned, I will ask no more.
Kirsty - when in an iva the first rule is that credit is not allowed.
No opinion was expressed about individual circumstances.
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.
Not technically true.... "you must not obtain any further credit greater than £500 without the prior written approval of your supervisor". I didn't mention the balance nor the fact it was paid and cancelled - I didn't get the chance.
I can only say I hope you get it all resolved and it works out.
The circumstances you faced were exceptional and you had to make decisions that met your situation and in a timescale that would have been too quick for most iva companies to respond to.
I'm aware of the £500 rule - a lot will now come down to how it is interperted by your iva company when you provide bank statements.
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.
Apologies if I upset you but if you had explained this in your original post then I wouldn't have jumped to conclusions.
I'm sorry to hear about your father.
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
