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newboy
- Posts: 33
- Joined: Sun Jul 08, 2012 11:56 pm
- Location: United Kingdom
Hi All,
Just looking for some advise here. I am in the looking into setting up an IVA. I have got an old TV which is definately going. Would I be allow to enter on a Buy now and Pay in six months time deal while iva is on? I am just making sure don't get myself tangled up in issues if and when in iva.
Any advise will be highly appreciated. Thank you.
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Niobe
- Posts: 5169
- Joined: Tue Jul 03, 2012 9:56 am
- Location:
Hi,
It would all depend upon what your IVA paperwork says. Some state that you can take out £500 credit without informing the IP but of course you have to make sure that you can afford all of the repayments.
You may find it difficult to find anyone who would give you credit whilst in an IVA.
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Karen.mg
- Posts: 215
- Joined: Mon Jun 11, 2012 2:28 am
- Location: United Kingdom
If you have not already entered into an IVA and you can obtain credit you may be able to do it, however if you add the debt into your IVA this could be seen as fraud. If you take out a buy now pay later you will need to make sure you can afford to pay in 6 months. You could always discuss this predicament with the IP you choose to act for you as there may be permitted amounts for 6 months to pay for this and then once paid the money will be added as extra into your monthly payment.
I did use QVC to buy more expensive items on their easy pay schemes which spread payments over 3 or 4 months, no credit checks!, no interest added either! Never had a problem myself as hubby gets paid commission monthly which comes in handy to pay for these items.
Karen x
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newboy
- Posts: 33
- Joined: Sun Jul 08, 2012 11:56 pm
- Location: United Kingdom
Many thanks Karen & Niobe for your advise. Very much appreciated. I was only looking to get a TV under £500 of which I will try and save up for when I do bit of overtime.
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Karen.mg
- Posts: 215
- Joined: Mon Jun 11, 2012 2:28 am
- Location: United Kingdom
Good idea, there are loads of bargains around on TV's at the minute. Better to try saving to get it sorted soon if you are desperate as the closer you get to Christmas the more expensive they may become! Save as much as you can if you are going to enter into an IVA as you really need to have a buffer for all those unexpected breakdowns! I made sure all my appliances are covered by repair/breakdown policies and these are included in my income ad expense accounts, thank goodness.
Best of luck
Karen x
