Use of credit during an IVA

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Born2Draft

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Post by Born2Draft » Sat Apr 04, 2009 10:59 am
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Has anyone been involved with an IVA where the use of a small amount of credit for a specific and necessary purpose was permitted by the creditors, other than business use for self employment?
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MelanieGiles

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Post by MelanieGiles » Sat Apr 04, 2009 3:27 pm
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Yes - many times, and this is perfectly acceptable so long as it is for good reasons, does not materially affect your IVA payments, and is with the express permisison of your Supervisor.
Regards, Melanie Giles, Insolvency Practitioner
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Born2Draft

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Post by Born2Draft » Sat Apr 04, 2009 3:47 pm
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That helps, thanks.
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David Mond

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Post by David Mond » Sat Apr 04, 2009 4:59 pm
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Yes no problem BUT prior permission from your Supervisor (IP) is considered advisable as most conditions within an IVA require this. However if you have forgotten - no problem as retropective approval can be given by your Supervisor (IP).
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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