www.iva.co.uk

Is this allowed while in an IVA...

Always nice to know incase of emergencies.

Thanks

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.

Mikey

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

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.

I don't really know Jan - but I know I would avoid companies like this given the very high interest charges they levy.

Thanks Mel.

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.

Avoid like hte plague this is seriously a very bad idea it just leads to a cycle of them and you will nnever be free of it

If you're struggling with payments the first thing you need to do is talk to your IP as they may be able to help you.

And its best to talk with your IP and reach an agreement on the payments

If needs be, and it is for an emergency, you can always ask about taking a payment break.

I've had a couple of those and which is why it's vital you've an IP who listens and understands. x

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.

I've just deleted one on another thread - they're all out today!