www.iva.co.uk

My apologies IVA is due to be cleared in 14 months can I borrow from my credit union whilst in an IVA

Unlikely that the CU will agree --- they do not like IVA's. If your total credit (including credit elsewhere -- Car insurance, utility credit accounts etc.) exceeds £500 you will need your IPs permission as well.

Sorry to say unlikely that you would be approved whilst IVA still in place.

If you are in need if support you could consider a payment break possibly or seek a full review of your income and expenditure

Mon Aug 24, 2020 12:00 pmFoggy wrote:

Unlikely that the CU will agree --- they do not like IVA's. If your total credit (including credit elsewhere -- Car insurance, utility credit accounts etc.) exceeds £500 you will need your IPs permission as well.

I was considering borrowing the remaining funds from my credit union in order to settle my last year of my IVA

Are they savings or were they a loan? If the latter then I doubt it - if the former then I don't know.

Tue Aug 25, 2020 6:09 amkris787 wrote:

Mon Aug 24, 2020 12:00 pmFoggy wrote:

Unlikely that the CU will agree --- they do not like IVA's. If your total credit (including credit elsewhere -- Car insurance, utility credit accounts etc.) exceeds £500 you will need your IPs permission as well.

I was considering borrowing the remaining funds from my credit union in order to settle my last year of my IVA

If you have savings in the CU, were these disclosed when you went into the IVA ? They could be viewed as an asset payable to creditors anyway.

Credit Unions are tough on any money owing to them and they have to be - all money that is lent comes from the savings of the other members.

One bad debt in theory could shut down the Credit Union.