I have borrowed a bit to get through IVA. Will it fail if they find out ?

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Chantal.01

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Post by Chantal.01 » Thu Oct 01, 2015 8:32 am
Hi, I am almost 3 years in to my IVA and been keeping it a secret from my parents has been so hard. I will be glad when it is over. I had an ex whom I was gullable to and I borrowed more than I could afford because of him to live. I realised our relationship wasn't working and I got rid of him. I am now in the IVA. Over this last year I have had a very expensive year as I had to go to Australia as my brother lives out there and got married and I got married this year too. Obviously trying very hard to do it on my own income and not borrow. I have borrowed a little bit since to get through. Will my IVA company find this out or only if I tell them? Will it make it failcif they find out? Kind regards Chantal
 
 

lifenoteasy

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Post by lifenoteasy » Thu Oct 01, 2015 9:14 am
A lot will depend on how much you have borrowed and who from. Basically anything over £500 should have had the approval of your IP.
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.
 
 

Michael Peoples

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Post by Michael Peoples » Thu Oct 01, 2015 9:21 am
I agree. Borrowings from family would be almost impossible to know about but if you have run up new loans and credit cards for example your IVA could be failed. It is a serious breach if the borrowings exceed £500.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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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 » Thu Oct 01, 2015 9:28 am
Hi Chantal how much did you borrow?
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
 
 

Chantal.01

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Post by Chantal.01 » Thu Oct 01, 2015 11:45 am
Hiya over the last year I have had two payday loans which I have recycled each month between a hundred each to three hundred. Recently one if them increased their terms to a year so I managed to get 800 over 6 months and settle the old ones that kept rolling and I've recently got a credit card with 250 limit on it approved to help out with mainly food or any unexpected bills to end my payday roll overs that were just going up and down up and down every month. Plus I've got a catalogue with about 900 pounds on it to allow for clothes and we needed a new bed desperately as ours broke and I didn't have a spare one. I don't borrow from my parents as I don't want them to worry that we can't manage or find out about the iva. I have not obtained permission from the iva company. Does anyone know if and how they will find out if I don't tell them? No one has answered that question.
 
 

Chantal.01

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Post by Chantal.01 » Thu Oct 01, 2015 11:47 am
I did have to go to my brothers wedding in Australia which my mum did lend me the money for the flight for and I am paying her back this now and I also got married this year so would they take this in to consideration if they did find out?
 
 

lifenoteasy

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Post by lifenoteasy » Thu Oct 01, 2015 11:48 am
A lot will depend on whether you have to provide bank statements etc.

I'm really surprised you managed to get a credit card and a catalogue account.
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.
 
 

kallis3

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Post by kallis3 » Thu Oct 01, 2015 11:56 am
I'm surprised as well. How are you managing all of your payments?
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
 
 

Chantal.01

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Post by Chantal.01 » Thu Oct 01, 2015 12:27 pm
I took out the catalogue at the beginning before the iva and defaults had been registered on my credit file. I just pay the minimum payment every month which is around 40 to 50 quid per month. I have to send them a bank statement at each review year for three months so f
 
 

Chantal.01

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Post by Chantal.01 » Thu Oct 01, 2015 12:31 pm
So in January I send them a bank statement for Nov, Dec and January plus my Oct, Nov and Dec payslips and my p60 for the previous tax year. They have never questioned a payment to my jar, wage day advance or shoe tailor before.
 
 

Chantal.01

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Post by Chantal.01 » Thu Oct 01, 2015 12:34 pm
The credit card is with aqua so designed for people with bad credit files and they increased the interest rate from their advertised 35% to 49%. I've also set up dd on it to pay it off in full each month and like I say it is only for essential spending so should be easy enough to manage now that the payday loans are nearly finished.
 
 

kallis3

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Post by kallis3 » Thu Oct 01, 2015 1:16 pm
All of your unsecured debts should have been included in the IVA so I am surprised they didn't question it.

Which company are you with?
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
 
 

Michael Peoples

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Post by Michael Peoples » Thu Oct 01, 2015 1:21 pm
You are likely to be in default of the IVA and this may require another meeting of creditors. I am also surprised that your IP did not see the debts on the bank statements otherwise why bother asking for them?
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
 
 

Chantal.01

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Post by Chantal.01 » Thu Oct 01, 2015 1:21 pm
Does anyone know if the IVA company finds out about any further borrowings unless you tell them? As still no one has answered this question. Someone said depends if you have to send in bank statements. Yes I do but only at the review for the last three months Nov, Dec and Jan.
 
 

kallis3

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Post by kallis3 » Thu Oct 01, 2015 1:26 pm
If the transactions are on the statements then the company should pick up on them.
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
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