Borrowing whilst in an IVA

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laura414

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Post 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?

Foggy

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Post 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 ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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kallis3

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Post by kallis3 » Sat Feb 09, 2019 12:02 pm
For things like that you can always have a payment break from your IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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