www.iva.co.uk

Hi,

I'm new here, and need some advice, I'm in an IVA and have been for 3 years.

A couple of months ago, I took out a 'no credit check' payday loan for £200 as I had no money, and was desperate due to a domestic emergency, as the friends that could have helped me were abroad.

I had to defer the loan a couple of times by just paying the interest, but have now managed to pay it back.

I am due my annual review soon, and it will appear on my bank statements, is it likely that my IVA will now fail?

You shouldn't done that, but I would recommend that you speak to your IP as soon as possible to tell him what has happened.

You need to make sure that this does not happen again. If your payments are not manageable, you need to try and get them reduced.

Make sure you put down everything that you spend.

If your IVA proposal states that you only have to seek permission for credit of less than £500, then you have done nothing wrong - and so long as the debt has now been repaid no harm done.

I would not recommend that you do this again - all problems should be run by your IP in the first instance who will want to help out.

Hi Melanie,

The reason I am really worried is my proposal says not to obtain any credit at all.

It isn't something I did lightly, I was desperate.

Are you struggling with your payments? If so, you need to speak to your IP and tell him/her of your problems.

I just had a couple of expenses I couldn't have predicted, and took the route I did.

I'm now back on track, and have no intention of ever making the mistake again.

I do realise I have breached the terms of my IVA though.

Just explain what has happened - I don't think you will have a problem.

If you need anything in future though, it would probably be better to contact your IP and ask for a payment break.

hi homewardbound,its not in anybodies interest for your iva to fail,congratulations getting to 3 years,i would just do your i&e as normal,and if asked about the £200 just explain your situation,realising it was a mistake that wont be repeated.good luck for the next couple of years.

Common sense is bound to prevail here - and your IP is unlikely to want to see your IVA fail - after all they are getting paid for supervising it!