www.iva.co.uk

Morning All

I need a bit of advice ........

The first question being which if the answer is no i will not need to ask the rest of them..... Can i take out loan to pay off my IVA? Now know that seems silly but now i have got my new job i can take out a loan for less time and less money a month than what i will be paying into my IVA. If it sounds like a really daft idea then please by all means tell me! I don't even know if i would be allowed to do this?

i dont see how this is feasible? part of your iva agreement is that you cant take out any further credit.

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Rich.

I would not recommend this to any of my clients, as if you are left with spare money each month then your creditors would be entitled to ongoing payments! See what your own IP has to say.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Agree with the above. If you have more money then you will need to talk to your IP about increasing your contributions. In an IVA you will always have to pay your creditors to the best of your ability this will be up to 100p in the £ plus IP fees plus potential statutory interest.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

I agree with both Melanie & Oliver. Contact your I.P, as I believe you are usually not able to take out any form of credit whilst being in an IVA.

Please post and let us know the outcome.

Best Regards. IVA Experts