Before IVA I did a balance transfer to one of my credit cards totaling £6k

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gareth694
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by gareth694 » Wed Oct 04, 2017 6:13 pm
I've applied for an IVA, the proposal done, just waiting to hear when the meeting is. My main concern, before applying for an IVA I did a balance transfer to one of my credit cards totaling £6k, I did this as I was offered 18months interest free and would reduce the minimum payment I was paying each month on my other cards.

I now fear my IVA will be rejected by the creditor as its a recent transaction!

Has anyone had any experience in the past or any advice you may have to try settle my nerves. Is there still a possibility they will agree to the IVA?
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benjiboo1
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by benjiboo1 » Wed Oct 04, 2017 6:42 pm
I took out a loan for 7, 000 from Sainsbury bank & only paid one months payment & then applied for my iva. Mine was accepted. Hope this helps you a bit.
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Foggy
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by Foggy » Wed Oct 04, 2017 6:45 pm
Many of us take out credit just before admitting defeat, usually in a last ditch effort to "save the day" and credit card companies are used to this. Most will look at the proposal put before them, rather than the state or age of the account.
ashbock123
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by ashbock123 » Wed Oct 04, 2017 7:54 pm
Should be ok I did a money transfer of £1500 to my bank to pay overdraft off but ended up using overdraft again when was on holiday trying to make a good holiday for children that was 2 weeks before went down iva and mine got approved
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luluj
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by luluj » Thu Oct 05, 2017 12:08 am
Am pretty sure you will be ok ... as others have said most of us have done it ...
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sheraz.butt
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by sheraz.butt » Thu Oct 05, 2017 8:25 am
I think you should be okay as you have consolidated debt rather than just borrowing and going on a shopping spree.

This is generally a pattern of borrowing before people apply for an IVA as Foggy said so try not to worry about it too much.

Has the IVA company said it would be an issue?
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gareth694
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by gareth694 » Thu Oct 05, 2017 9:14 am
sheraz.butt wrote:
I think you should be okay as you have consolidated debt rather than just borrowing and going on a shopping spree.

This is generally a pattern of borrowing before people apply for an IVA as Foggy said so try not to worry about it too much.

Has the IVA company said it would be an issue?


They have said it could be an issue, but will still go ahead with the IVA and see what happens.
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kallis3
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by kallis3 » Thu Oct 05, 2017 10:09 am
I used to withdraw cash on my one credit card and then go straight into the bank and pay my minimum payment! I had no problems getting my IVA.
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gareth694
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by gareth694 » Fri Oct 06, 2017 11:48 am
Thank you all for your replies, my fingers and toes are crossed.
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