I've got further debt 4 years into my IVA

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cristina627
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by cristina627 » Tue Oct 10, 2017 4:31 am
I've got further debt 4 years into my IVA, a family member has offered to pay off remainder of my IVA payments but I'm worried this may be rejected and my IVA fail if they should find out about my credit card debts recently racked up due to change in my financial situation
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Foggy
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by Foggy » Tue Oct 10, 2017 6:45 am
It might be better if the family member paid off the new debt but you need to look at why you got this debt --- are your expenses wrong? Are you overspending? Or has your income dropped ?
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cristina627
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by cristina627 » Tue Oct 10, 2017 8:18 am
Unfortunately the new cards are too much to pay off I'm trying to come to an arrangement with the card companies to stop interest and make small payments for now. This has all come about due to massive drop in salary and recent family bereavement
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cristina627
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by cristina627 » Tue Oct 10, 2017 8:20 am
My biggest worry is if my IVA creditors should find out it may cause problem hence getting this IVA paid off if they agree relieves some stress and pressure and no need to submit my finances
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Lisa Thomas
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by Lisa Thomas » Tue Oct 10, 2017 8:24 am
I'm not sure how you managed to get new debt on credit cards if you are in an IVA as your credit rating will be trashed.

Are you sure you're in an IVA and not maybe a DMP?

If you get the IVA settled how do you propose on dealing with the post IVA debts? How much are they?

You may need to consider failing the IVA and going Bankrupt but it will depend on your circumstances.
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Michael Peoples
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by Michael Peoples » Tue Oct 10, 2017 8:27 am
This will have to be disclosed to creditors as it is a breach and they could ask for the IVA to be failed or even bankruptcy. I also wonder how you managed to get more credit while in an IVA as surely these companies carry out checks!
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