credit agreements in an IVA ?

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Stephen.rd

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Post by Stephen.rd » Fri Jun 18, 2010 6:19 pm
Hello, if you take out an iva are you still able to set up credit agreements? To buy a car or a fridge or something similar?
 
 

kallis3

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Post by kallis3 » Fri Jun 18, 2010 6:25 pm
Hi, and welcome to the forum.

The short answer is no. Any credit over £500 will need permission from your creditors and is unlikely to be agreed. A car is a possibilty, but only if yours has given up the ghost.

The idea of an IVA is to pay back as much as you can to your creditors. Furthe credit is not encouraged.
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.
http://kallis3.blogs.iva.co.uk
 
 

kallis3

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Post by kallis3 » Fri Jun 18, 2010 6:28 pm
The other thing, which I forgot, is that you are unlikely to find anyone that will give you credit as your credit record will be shot for six years after acceptance.
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.
http://kallis3.blogs.iva.co.uk
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