I am on a IVA for 6 years and I have been paying £102 regularly every month.
Cause of my expenses I had to use some old credit cards to cover some unexpected bills and to cover the cost of some sick days at work that are not paid. I actually have 3 credit cards and the total amount is £2150. I did not realised I had to ask to ask my supervisor before using these cards cause of the small amount I have to repay every month, on top, my family is covering these cards from time to time. But of course I did not consider the amount of interests and fees they charge. Basically at this pace I will never get rid of these cards.
I am a bit concerned to talk to my supervisor and tell him about these cards and I would like to know if they could be added in my existing IVA. But again, I am now concerned that they will interrupt my IVA leaving me with no other option than go Bankrupt. I am 39 yo and my credit score is so low I am not even able to get a SIM only contract plan with any Network.
Could you please help me and let me know what would be the best decision to make?
Anyway, when I had the first annual review for my IVA they noticed the credit cards payments cause they asked me for the last 3 months bank statement and they didnt say anything and the review was approved.
But I am very concerned about this situation.
Thanks a lot for your help.
I am surprised you were able to use old credit cards. All should have been shown at the start of the IVA.
You do need to speak to your IP about this and also cut up your credit cards.
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
I, too, am surprised the cards were / are still active ...but that is 'by the by'. I doubt the new debt can be added. The IP might overlook the new debt, provided you can make these repayments from existing allowances, but you do need to have a frank chat with him / her. But, as you guess, there might be a danger that the IVA is failed, so you do have to be prepared for that eventuality.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think you may have to bite the bullet with your extra credit.
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
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
Thu Jan 02, 2020 3:59 pmmichele137 wrote:
But it seems like I will fail my IVA and I am not even aware what are the consequences.
You have a couple of options: Rely on the fact that they seemed to be not worried at the review -- in which case there will always be the worry that they will 'discover' the debt in the future and the IVA could still fail further down the line, after you have paid more into it. Or come clean now and sort it out, one way or the other.
When they did the review and asked for statements, did they specifically mention the new debt / credit card usage ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Not at all. I received a letter saying that my average monthly income was still the same, so no changes were been made on my monthly payment, basically everything was fine.
I thought actually, considering my credit score is very low and it will be for long, to stop paying the credit cards:
Barclaycard 1200 used
Luma 750 used
Vanquis 250 used
I think these companies wont do anything more then selling the credit to someone else who will keep calling and stay in my record for 6 years.
This way on my next annual review due on June this year they wont be able to see any payments made to these companies, unless they do some other kind of checks.
The new creditors may contact the IP and spill the beans. They can, if given reason to, check you out on the insolvency register and discover the details. They will also report to the credit reference agencies and someone looking at your credit report could them put 2 and 2 together.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
For a start I would cut up the cards so you are not tempted to use them, Then come clean to your IP so at least it's all out in the open and you can work something out with them.
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
