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Posted: Fri Jul 03, 2015 12:38 pm
by Jamesdc31
Hi. I took out an iva and am due a review. I took out a pay day loan a few weeks ago and it will show up on my bank statement. The loan has been paid off and I have not missed any payments. What will happen to my Iva
Posted: Fri Jul 03, 2015 12:41 pm
by lifenoteasy
Probably nothing but just be careful going forward.
Posted: Fri Jul 03, 2015 1:21 pm
by Foggy
Hopefully it will go unnoticed, but it could be looked on badly. You might get away with it if it is under £500 and you have the clause allowing credit up to that amount without prior permission.
More to the point is why did you need a payday loan? If your allowances are too tight they need looking at, if you are simply overspending then that needs to be addressed too.
Posted: Fri Jul 03, 2015 1:23 pm
by Michael Peoples
It would be cheaper to miss an IVA payment and make that up rather than taking out a payday loan. You have probably not breached anything but try and avoid it in future.
Posted: Fri Jul 03, 2015 3:39 pm
by Lisa Thomas
Hi James - I agree with the others. Think about why you needed it in the first place - was it for necessity? If so you might find your IVA payments are set too high for some reason and may need reviewing.