www.iva.co.uk

I havent been out of work for 6 weeks, i left my previous employment to start a new career as a youth offenders counseller but the job was postponed a few times. Howveer, its all going ahead on 1st August. I have managed to make my IVA payments and have been living very very modestly indeed.

I stupidly took out a payday loan because i didn't have any money for petrol etc and am still paying other bills. The trouble is I don't know what is the best way forward.

having read other posts, i concluded i should let my IP know of the situation, which I have done.

Whats done is done now, however i was thinking that i should of continued to pay my IVA and arranged some sort of payment plan with the payday lender. Well i don't think thats going to be possible now, that Payplan my IVA handlers know the situation.

any advice or help would be appreciated.

i still owe my friend money he's lent me as well! eek.

Hi,

Sorry to hear of your problems. What has your IP had to say about things?

kallis3 wrote:

Hi,

Sorry to hear of your problems. What has your IP had to say about things?

Ive only sent it today. do you think that i've done the right thing? or it will just backfire. I don't really want to be bankcrupt. My parents don't even know i'm in a IVA. they know ive borrowed from a payday lender before, just by chance actually because my dad saw a debit on a bankstatement he thought was his.

but yes any way, Payplans website for account management justabank is changing soon.

what are your thoughts ?

You do need to tell your IP about it. What you should have done initially is asked for a payment break rather than take out a payday loan.

You'll have to see what they say about that.

Do you think theyll immediately look at bankcruptcy?

I doubt it very much - I'm sure something can be sorted out.

I understand transparency needs to be adhered to. i just hope it can be resolved because now ive got a new job everything can essentially be resolved.

I think if you are honest as to the reasons why, you may be able salvage things (but as I don't know all the circs - that's just my general opinion).

You do have to try to be whiter than white in an IVA though.

borrowed money from friend to cover initial costs and my iva payment, he said i can pay him bck over 4 months when i got wages through. that coveredmy rent etc. then borrowed payday loan to cover month just gone now for same reasons but for a lesser amount, still this isn't good. being unemployed sucks.

I hope you can get it sorted. Let us know what Payplan say - hopefully either Lizzie or Nick the IP will be on tomorrow to assist.

I doubt that this is something that your IVA will fail over, but clearly involving your IP in the decision making at an earlier stage would probably have been more sensible. They would have understood and tried to help I am sure.

Please do not panic, your case officer will be dealing with your query this morning. I agree with the other posts, if you were struggling you should have contacted us straight away as we would have looked at a payment break. However it doesn't matter as we can still look at sorting it all out.

thanks guys, the email i recieved this morning from the case officer

Hi Nima,



Further to your email that I have received this morning there is some information I am going to need from you;

· How much you have borrowed

· How much you are looking to pay back

· Details of your new employment



Unfortunately due to the nature of the proposals and terms and conditions of your IVA you are in breach of your arrangement by borrowing this money and unfortunately we cannot assist you by allowing you to miss any payments into the IVA.

Your case will be passed to the Insolvency practitioner to make a final decision on how the arrangement will proceed, if you could back to me as soon as possible providing the above information.

It will be interesting to see how this is eventually resolved for you nosasani - please keep us informed of the eventual decision.

how can bankcruptcy work if i dont have 700 pounds to declare? i dont think it will go that far, however.