Can I add debts into an IVA

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anneka

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Post 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,

J5453

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Post 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?

Foggy

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Post 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 ?
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 » 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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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.
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Lisa Thomas

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Post 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.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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