Extra debt

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
JessieS
Posts: 1
by JessieS » Wed Sep 05, 2018 6:57 pm
Hi, if someone has ordered from a catalogue on credit whilst an IVA has been drawn up and the IVA company is still trying to get votes for an IVA to go through... Would this catalogue credit show up on any of the credit checks that the IVA company run from time to time? Or would this catalogue credit not show up before getting any votes for an IVA to even finalised? Just curious. Thanks
User avatar
Foggy
Forum Expert
Posts: 26914
Contact
by Foggy » Wed Sep 05, 2018 7:08 pm
Probably take a while to filter through the system, but it could still cause the IVA to fail if not disclosed and the creditor added (depending on the amounts involved). Also, as you have already declared that you are insolvent the application for further credit could be regarded as fraud, so tread carefully.
User avatar
luluj
Forum Expert
Posts: 10221
Contact
by luluj » Wed Sep 05, 2018 9:09 pm
Once the iva process has started and creditors meeting convened the use of catalogues for purchases could be seen as taking on new lines of credit and could go against your iva being approved.

As mentioned it may take a while to filter through but it will do at some stage and you will need to be ready to explain.
User avatar
kallis3
Forum Expert
Posts: 73486
Contact
by kallis3 » Thu Sep 06, 2018 7:46 am
Agree totally with the above. You should not take out further credit whilst applying for an IVA.
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 35 guests