I was very short of money and had to pay bills I hadn't accounted for. As it happens I got what I needed from family and Am now sorted. However prior to this I applied for payday loan and was rejected. It was a blessing but am worried that I applied in the first place without permission. Would they find out?
If you are already in an IVA rosalyn you would be in breach of the agreement as you shouldn't be obtaining any further credit.
If you are struggling or have something pop up that needs attention then speak to your IP about a payment break.
Hi, my name is Nick Payne and I am an Insolvency Practitioner with Payplan.
Read the Payplan blogs by visiting our website www.payplan.com
I know and I feel silly but obviously I didn't get any credit luckily so would my ip find out? I agree with being honest but unless they would know then if I said anything Im worried it would make things worse
Rosalyn- see this a learning curve and move on - I personally would not beat myself up about. But please next time speak to your IP - its easier and cheaper
Thank you for forwarding the information, unfortunately due to the terms and conditions of your IVA the scheduled payments into your agreement cannot be altered as a result of unauthorised borrowing unfortunately if the loan does affect your monthly payments the Insolvency practitioner is likely to fail your case upon review when passed to him.
We also require proof of the amount you have borrowed, if you could forward this to me via post/email at your earliest convenience.
**so basically there was no need for me to even tell them, id of been better off just setting up a payment plan with the payday lender.
im unable to make this months agreed payment because i start my new job 1st august, the same date is when my iva is due.. i emailed the case officer back to advise if she could spread the difference over 6 months and ill pay up to date on my next payday and as for the unauthorised borrowing ill have to sort that out seperately.
sounds like u have been penalised for beingbhonest. Have u spoken to them? Email and letters always sound worse. If u haven't defaulted before they may give u grace
I was late on a payment before but always paid it up, and that was it. I live at home with parents, but when you're out of work its still a big burden. i had tax, insurance renewal all to pay at the beginning of july and MOT which luckily all passed. :\ hmm i dont know whats going to be the best way forward.
Well i just spoke with payplan, they have asked me for proof that i havent been working so ill send them a photocopy of my sign on doc. they asked how i was going to be paying the new loan off i said i would come to an arrangement to pay it back over 4 - 5 months as a payment plan.
i then explained i had new employment beginning 1st august, but any monies ive had and the loan was used to cover my MOT, insurance renewal, tax, food and general bills/living costs. she seemed fine with it but she did reiterate she'd need to speak to the IP. and she said i could possibly miss this months payment and continue to pay from end of august.
i am going to send a copy of the loan to her, which was actually £750.00. and go from there. i asked what the worse case scenerio was and she said the IVA could fail, but because i have explained the situation and how i plan on repaying
copy of loan agreement which is in fact £750.00. taking out to cover MOT/tax renewal and insurance renewal costs, as well as general living expenses, mobile phone etc.
As i am beginning new employment i will have sufficient funds to maintain my IVA payments with you as of the end of August. I haven't defaulted thus far and would really hope i could continue to make my payments. I believe my being transparent about my circumstances would ideally go in my favour rather than against me. I appreciate your consideration
I will contact the lender 'quick quid' to arrange a means of paying it back to them over a reasonable term. I will now send you a photocopy of my jobseeker's sign on docs to confirm my unemployed status. other than that if you need more information or have feedback please let me know.
Worst case scenario is that it could fail as they said. However I hope you can get it sorted out without that.
If not, is there any reason why you couldn't go bankrupt if you have no assets to protect?
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
doh.