I need a hundred pound to get through the month

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helen694
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by helen694 » Wed Jan 17, 2018 12:01 pm
I finish paying my iva in July but I'm struggling this month and need a hundred pound to get through the month. There is no one I can borrow off. I've never missed a payment. Would getting a pay day loan now affect my iva/ credit?
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Foggy
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by Foggy » Wed Jan 17, 2018 12:29 pm
helen694 wrote:
I finish paying my iva in July but I'm struggling this month and need a hundred pound to get through the month. There is no one I can borrow off. I've never missed a payment. Would getting a pay day loan now affect my iva/ credit?


Getting a payday loan would be inadvisable. Unless you have the usual credit clause allowing up to £500 without permission, it could fail your IVA. Have a chat with your IP and see if they would agree a short payment break ( which will be added back on at the end) . Also, going forward, payday loans on your credit file will continue to damage your credit rating even after the IVA has been removed.
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kallis3
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by kallis3 » Wed Jan 17, 2018 12:30 pm
Hi,

You can always ask for a payment break but you may not be able to get a payday loan. Why are you struggling? You may find you are struggling again next month.
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Ryan
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by Ryan » Wed Jan 17, 2018 12:36 pm
Hi Helen,

As has already been mentioned definitely avoid the payday loan if possible - going forward many Mortgage Lenders will now decline an application if they see that you have taken a payday loan in the recent past.

Regards
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doritos
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by doritos » Wed Jan 17, 2018 1:31 pm
helen694 wrote:
I finish paying my iva in July but I'm struggling this month and need a hundred pound to get through the month. There is no one I can borrow off. I've never missed a payment. Would getting a pay day loan now affect my iva/ credit?


so your IVA is finished and you have run out of cash?

you need to really avoid getting back into the credit hole..
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Ryan
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by Ryan » Wed Jan 17, 2018 1:49 pm
I believe from reading Helen's post she is due to finish the IVA in July this year.

Regards
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helen694
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by helen694 » Wed Jan 17, 2018 2:11 pm
thank you for the advice
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Shaun Vickery
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by Shaun Vickery » Wed Jan 17, 2018 5:18 pm
I agree with previous comments, having a pay-day loan showing on your credit file is not ideal and can affect your chances of obtaining other competitive credit (including mortgages) with many lenders. I wouldn't want to encourage you back into debt but if you really do need the money this month and you are happy you can repay next month then you may be better off looking at a credit card which, if you settle every month can actually improve your credit record.
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helen694
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by helen694 » Wed Jan 17, 2018 5:27 pm
doritos wrote:
helen694 wrote:
I finish paying my iva in July but I'm struggling this month and need a hundred pound to get through the month. There is no one I can borrow off. I've never missed a payment. Would getting a pay day loan now affect my iva/ credit?


so your IVA is finished and you have run out of cash?

you need to really avoid getting back into the credit hole..

I have never missed a payment in nearly 6 years. I've had sum car n house issues this month (typical)
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helen694
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by helen694 » Wed Jan 17, 2018 5:29 pm
Ryan wrote:
I believe from reading Helen's post she is due to finish the IVA in July this year.

Regards


spot on
car n household issues this month (typical.... as the end is so close)
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kallis3
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by kallis3 » Wed Jan 17, 2018 5:45 pm
See if you can do a payment break for now.
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luluj
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by luluj » Thu Jan 18, 2018 5:17 am
I sm pretty confident that your IP will look on this favourably. Almost six years completed with no previous breaks in payments - petfect iva'er. January is always a difficult month for many reasons.
Let us know how you get on.
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Lisa Thomas
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by Lisa Thomas » Thu Jan 18, 2018 9:52 am
Do not get a payday loan - I doubt it will be possible anyway due to your credit rating.

If things are really that desperate you will have to ask your IP for a break, slightly delaying the end of your IVA.

Your IVA terms will no doubt state you can miss one or two payments before it becomes a formal breach of the IVA.

Some firms may not even spot the arrears until which time you have caught up...
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helen694
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by helen694 » Thu Jan 18, 2018 4:13 pm
thank you for all the advice
after reading all your comments I won't be getting a pay day loan and have borrowed 50 pounds from a work colleague to see me through to pay day. will just have to tighten my belt even more
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kallis3
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by kallis3 » Thu Jan 18, 2018 4:28 pm
Hopefully you will be ok.
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