www.iva.co.uk

What could happen if you take out further credit on credit/store cards that were held at the time of the IVA but had nil balance at that time? Is this fraud? What if you're struggling to make the minimum payments - is bancruptcy then the only option?

Hi g.h

If you are presently in an IVA - you may not have any further credit. Even though you have these credit cards/store cards with nil balances, you have entered into an IVA as you were insolvent - therefore your income was far less than your outgoings. If you were to use these cards now, being in an IVA, how do you propose to pay for them?

Sue

hello g.h. I want to make sure I understand your question. You had credit/store cards on a zero balance and did not list them on the IVA? You then had an IVA accepted. Please Do Not use those credit cards. Infact, cut them up if this is the scenario and send them back to the creditors.

If you are in an IVA and struggling with the monthly payment. Talk to your IP, but there may be a clause about not having a modification meeting within the first 24 months of an IVA.

Credit fraud is a big area. It covers anything from lying about income to obtain the credit through using someone elses identity to obtain credit onward to obtaining credit knowing you can not afford to pay it back.

Depending on the size of the debt a Debt Management Programme( DMP) may work.

Contact the CCCS for professional help. Here is the link: http://www.cccs.co.uk/ . An expert from this site will give advice, but more information from you will clarify your position so they can assist you better.



Take care.

All I have left is my humour.

Hi
Just to echo the advice already given.
Your IP could fail your IVA if you use these cards so please cut them up and speak to your IP regarding affordability of your IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp