Taking initiative I thought I would keep my catalogue and my argos store card out of the IVA as catalogue was balance zero and argos card only had £100 my initial thoughts were this would help keep my credit record on some sort of even keel ready for when my IVA finishes and help rebuild it that bit quicker was this a good idea or a silly 1 also I have checked insolvency register and can't find myself???
It was not a good idea at all I am afraid, as both are in breach of your IVA. In some arrangements you are allowed credit of up to £500 by prior agreement with your IP -- but this is for emergencies only. The non-disclosure in itself is a breach.
I would suggest closing both immediately.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Cheers foggy I shall get onto them today to explain that I forgot to mention them as I couldn't see anything in my proposal regarding other credit I did mention my argos store card at the very beginning but they seemed to miss it off the proposal but I thought nothing of it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you close the accounts there should not be a problem.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The alternative is you speak to your IP and include it in the IVA. Its unlikely to be material enough to void the IVA on the assumption had they known and voted against the IVA it would still have gone ahead due to the other votes received in favour.
