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Posted: Mon Dec 19, 2011 3:57 pm
by debbie.pgpegg
I am 3 years into an IVA, can I add additional credit card debts to my IVA
Posted: Mon Dec 19, 2011 4:05 pm
by kallis3
Hi and welcome.
Where have these cards come from? They should have been included in the first place and you should not have taken out any additional credit whilst in the IVA.
Posted: Mon Dec 19, 2011 4:18 pm
by Firefox
Hi,
As i understand it if a debt comes to light after the commencement of your IVA then it can be included, however it will then reduce the creditors dividend, therefore your payments would have to increase or the term extended in order to ensure that the agreed level of dividend is met.
I think that within reasonable limits most IP's are pretty understanding and they will advise you as to what you should do.
Posted: Mon Dec 19, 2011 4:21 pm
by kallis3
Having read previous posts from the OP it would appear that at least one of these has been known about for some time.
Posted: Mon Dec 19, 2011 4:22 pm
by Shining
Hi, I think it's best to speak to your IP about this as they will give case specific advice x
Posted: Mon Dec 19, 2011 4:33 pm
by plasticdaft
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Firefox
Hi,
As i understand it if a debt comes to light after the commencement of your IVA then it can be included, however it will then reduce the creditors dividend, therefore your payments would have to increase or the term extended in order to ensure that the agreed level of dividend is met.
I think that within reasonable limits most IP's are pretty understanding and they will advise you as to what you should do.
Only if its written into the iva that a set dividend must be achieved.
Paul
Posted: Mon Dec 19, 2011 5:25 pm
by luluj
I think the poster to seek advice from their IP on this matter, as if the credit cards have been in existance all of the time and the balances have increased then there is a breach of IVA terms potentially - equally it maybe that these were honestly not included and in which case their IP will need to see what can be done !