Can I borrow from Credit Union whilst in an IVA?

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kris787

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Post by kris787 » Mon Aug 24, 2020 11:53 am
My apologies IVA is due to be cleared in 14 months can I borrow from my credit union whilst in an IVA

Foggy

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Post by Foggy » Mon Aug 24, 2020 12:00 pm
Unlikely that the CU will agree --- they do not like IVA's. If your total credit (including credit elsewhere -- Car insurance, utility credit accounts etc.) exceeds £500 you will need your IPs permission as well.
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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luluj

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Post by luluj » Mon Aug 24, 2020 5:29 pm
Sorry to say unlikely that you would be approved whilst IVA still in place.

If you are in need if support you could consider a payment break possibly or seek a full review of your income and expenditure
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kris787

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Post by kris787 » Tue Aug 25, 2020 6:09 am
Mon Aug 24, 2020 12:00 pmFoggy wrote:
Unlikely that the CU will agree --- they do not like IVA's. If your total credit (including credit elsewhere -- Car insurance, utility credit accounts etc.) exceeds £500 you will need your IPs permission as well.
I was considering borrowing the remaining funds from my credit union in order to settle my last year of my IVA

kallis3

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Post by kallis3 » Tue Aug 25, 2020 7:03 am
Are they savings or were they a loan? If the latter then I doubt it - if the former then I don't know.
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Foggy

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Post by Foggy » Tue Aug 25, 2020 8:05 am
Tue Aug 25, 2020 6:09 amkris787 wrote:
Mon Aug 24, 2020 12:00 pmFoggy wrote:
Unlikely that the CU will agree --- they do not like IVA's. If your total credit (including credit elsewhere -- Car insurance, utility credit accounts etc.) exceeds £500 you will need your IPs permission as well.
I was considering borrowing the remaining funds from my credit union in order to settle my last year of my IVA
If you have savings in the CU, were these disclosed when you went into the IVA ? They could be viewed as an asset payable to creditors anyway.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

lifenoteasy

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Post by lifenoteasy » Thu Aug 27, 2020 11:29 am
Credit Unions are tough on any money owing to them and they have to be - all money that is lent comes from the savings of the other members.

One bad debt in theory could shut down the Credit Union.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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