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Posted: Wed Aug 24, 2016 9:57 am
by Johndd86
1. Can I have new unsecured credit during n IVA and
2. If I do have new unsecured credit agreement can it be enforced?
Posted: Wed Aug 24, 2016 10:12 am
by Michael Peoples
You can usually have credit up to £500 without the written consent of your IP and anything over this amount needs permission.
Any post IVA is not captured by the IVA and can be recovered in the usual way.
Posted: Wed Aug 24, 2016 10:29 am
by Lisa Thomas
You also need to consider whether its going to be possible - if this is to be commercial credit as your credit rating is now shot then you might not be able to get credit in any event, despite permission from your IP.
Posted: Wed Aug 24, 2016 10:40 am
by Foggy
If you do manage to get permission ( or don't need it) and find a suitable lender (not the "break your legs" variety) the interest will be crippling!
Might I ask why you are considering credit ?
Posted: Wed Aug 24, 2016 12:53 pm
by kallis3
Hi,
If you need something done urgently then ask your IP for a payment break to pay for it - much easier than taking out extra credit,