Can i borrow money to someone in need

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Linka17

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Post by Linka17 » Thu Sep 23, 2021 10:47 am
I'm with IVA. Just been made redundant and someone asked me to borrow the money. Am I allowed to do that?

Foggy

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Post by Foggy » Thu Sep 23, 2021 11:10 am
Probably not wise. Anything over the equivalent of 6 months pay from your redundancy compensation ( if any) has to be paid to your creditors. If you get a job before the 6 months is used up, what is left also has to be paid to your creditors.
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

Linka17

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Joined: Thu Jun 17, 2021 8:16 am

Post by Linka17 » Thu Sep 23, 2021 11:59 am
I've already spoke with creditfix. I've received a little bit less than 6 months wage. I'm also pregnant and they know. So if I want to borrow money to my bf and he'll be paying back weekly will it be a problem?

Foggy

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Post by Foggy » Thu Sep 23, 2021 2:19 pm
From the IVA point of view I don't think there would be an issue, as long as you can maintain your regular payments for at least the 6 months. Unfortunately Creditfix is a bit hard to predict as they tend to do things their own way !
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

Linka17

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Joined: Thu Jun 17, 2021 8:16 am

Post by Linka17 » Thu Sep 23, 2021 2:58 pm
Should I ask them first for permission or just explain at the annual review?

Foggy

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Post by Foggy » Thu Sep 23, 2021 3:56 pm
Some would say to just go ahead, but I would ask CF first and get a reply, if possible, in writing --- just in case they question it later. Saves any surprises later on.
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
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