Can I add debts into an IVA

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anneka
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by anneka » Tue Aug 07, 2018 12:59 pm
I am already in an IVA but have another bill that i cannot afford and the interest is very high, can i add it onto mine,
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J5453
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by J5453 » Tue Aug 07, 2018 1:14 pm
The short answer is yes you can.
But it may mean another creditors meeting and them agreeing to allow the debt to be added. This is classed as a variation.

I was allowed this as I had a secured debt that became unsecured, but was known about from the outset.

You will have to explain where this new debt came from if not known about beforehand if its a loan or credit card type debt?
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Foggy
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by Foggy » Tue Aug 07, 2018 1:19 pm
anneka wrote:
I am already in an IVA but have another bill that i cannot afford and the interest is very high, can i add it onto mine,


Tread carefully --- if this debt was left out at the start they will want to know why, and be happy with the answer. If it is a new debt then you may have breached the IVA as you are not allowed further debt. You would have to explain why you took it.

What will happen will also depend on the amount and how much it affects the dividend.

What is the debt and how much ?
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kallis3
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by kallis3 » Tue Aug 07, 2018 1:31 pm
Agree with Foggy - can you give us a bit more info? You should not have taken out any further credit once your IVA started.
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Lisa Thomas
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by Lisa Thomas » Wed Aug 08, 2018 8:23 am
If this is a new debt incurred post IVA then you cannot add it to your IVA.

You need to explore how/why this debt was able to accrue.
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