What I have seen of this the interest is very high to pay back compared to what is borrowed, it then causes a dent in the following month's pay packet, I personally would steer clear.
It is credit and unless you have consent from the IP you would be in breach of your IVA. As Kentmikey says it is an expensive way to borrow and if you have problems discuss them with your IP.
No borrowing is allowed without your Ip's permission. What usually happens in emergencies(which DO happen),is perhaps a payments break for a month or so. Keep the hell away from payday loan companies!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Absolutely not - and if you are desperate to borrow money whilst in an IVA, try and look to family or friends as your credit rating will probably not allow any form of borrowing even with IP permission.
Do Payday loans do credit checks Mel? I thought it was quite easy to borrow from them.
I wouldn't touch them with a ten foot barge pole though, regardless of how broke I was.
As the others have said, if you've got problems then speak to your IP in the first instance.
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
No way would I ever touch anything like them. You just get in deeper, and deeper without a hope of paying them off unless you get a bonus.
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
If needs be, and it is for an emergency, you can always ask about taking a payment break.
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
I have just deleted a post to do with payday loans.
If you are in an IVA you cannot take out any credit other than with permission of your IP.
This would not be one of those occasions.
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
