Borrowing whilst in an IVA

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
laura414
Posts: 3
by laura414 » Sat Feb 09, 2019 11:17 am
I’m really worried, I’m three years into my IVA and my boiler recently broke so I borrowed £250 to get it fixed (I literally had no choice) which is costing me £35 a month for 12 months. My IVA has no clause for extra borrowing and I’m terrified they’ll find out and fail my IVA and i’ll lose my house because i’ll be forced to go bankrupt. Iv’e never missed a payment and never borrowed anything else. Does anyone have any advice please?
User avatar
Foggy
Forum Expert
Posts: 27950
Contact
by Foggy » Sat Feb 09, 2019 11:22 am
If you have a standard protocol compliant IVA there will be a clause buried there somewhere, saying you cannot take out further credit over £500. So £250 would be OK, as long as you are making the repayments from already agreed allowances.

Is this the Payday Loan you were talking about in November? Or another one ?

Did you discuss the pay rise ?
User avatar
kallis3
Forum Expert
Posts: 74021
Contact
by kallis3 » Sat Feb 09, 2019 12:02 pm
For things like that you can always have a payment break from your IVA.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 18 guests