I am in the early stages of an IVA. I am planning a cash advance of £25 from cash converters which I will be able to repay easily within the next 2 weeks. Cash converters say there is no credit check for this. Would this borrowing of a relatively small amount ( my net monthly income is £1160 per month approximately ) put my IVA at risk ? Thanks.
Hi Assistme, I too am fairly early in my IVA (6 months in), but have to ask for such a small amount of £25.00 is it really worth it? I don't know your personal circumstances but for me it was the little borrowing on credit cards that led to my IVA in the first place so I personally aim to avoid any form of cash borrowing/credit at all costs. Maybe someone else can give a better answer to your question?
For such a small amount I would look to see wherelse you could gain help ? Have you spoken to yourIP to see if a payment reduction can be given to help on this occasion.
I certainly would think twice re using cash converters to gain money ... What seems like a small amount could quickly turn into much more.
Your proposal document will detail if any form of credit us allowed during the IVA ... I very much doubt it is. Your I&E should be set at a realistic level so that money woes don't exist. Don't jeopardise your IVA for £25!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
It is unlikely to cause a problem with your IVA but I agree with the other posters that you should try and avoid this if possible. If you could borrow the money from friends or family it would remove the possibility of sinking into some form of debt trap.
