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kevin158

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Post by kevin158 » Sat Mar 23, 2019 11:57 am
Im been on an iva for four years now but in the last 18months ive been struggling will my health ive lost my job now and my income is my 300 pound pension and hopefully benefits until i gdt back to work my problem is ive had to take out 3 payday loans with very high interest im so worried dont know how to deal with it all can you support me at all

Foggy

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Post by Foggy » Sat Mar 23, 2019 12:27 pm
I am afraid that the payday loans could get the IVA failed -- how much have you borrowed ? You could ask your IP for a payment break for a few months to sort those loans --- missed payments will be added back on at the end of the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Sat Mar 23, 2019 12:29 pm
I would speak to your IP and explain the situation to 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

kevin158

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Post by kevin158 » Sat Mar 23, 2019 5:06 pm
Ive had iva 4 years lost my job got ive got more pay day loans foolishly can i had them to my iva

kallis3

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Post by kallis3 » Sat Mar 23, 2019 5:13 pm
Sorry - no, they cannot be added. I believe you have had answers on a previous thread.
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

Foggy

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Post by Foggy » Sat Mar 23, 2019 5:21 pm
Topics merged
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

tasha_shero33

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Post by tasha_shero33 » Mon Mar 25, 2019 1:53 pm
how are you able to get a pay day loan while in an IVA surely when they do the checks they will see the IVA on credit file?

is that not irresponsible lending?

Foggy

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Post by Foggy » Mon Mar 25, 2019 2:20 pm
Mon Mar 25, 2019 1:53 pmtasha_shero33 wrote:
how are you able to get a pay day loan while in an IVA surely when they do the checks they will see the IVA on credit file?

is that not irresponsible lending?
It is irresponsible lending and the courts have quashed such loans in the past when they have got that far in enforcement. But the issue right now, for the OP, is the effect it might have on the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Mon Mar 25, 2019 2:39 pm
I agree with Foggy - the OP needs our help and support now.
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

tasha_shero33

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Post by tasha_shero33 » Tue Mar 26, 2019 9:51 am
if they can not afford the pay day loans could they not go back to them about it being unfair lending?

It might help if they can get the interest frozen and pay it back over a longer term, then hopefully it wont have a big impact on their IVA expenditure figures.

Hope they get it sorted x

Foggy

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Post by Foggy » Tue Mar 26, 2019 10:03 am
Tue Mar 26, 2019 9:51 amtasha_shero33 wrote:
if they can not afford the pay day loans could they not go back to them about it being unfair lending?

It might help if they can get the interest frozen and pay it back over a longer term, then hopefully it wont have a big impact on their IVA expenditure figures.

Hope they get it sorted x
Tasha, I get what you are saying and you have a valid point. But the elephant in the room is that the basic agreement not to take further credit has been breached, so, I guess, the first thing is to determine, as I asked, how much credit was taken ... then, if it is a breach, gently try to find out how the IP will be likely to react and what they will accept to repair the breach. A case of choosing your battles really. But, if the IP is willing to work this out, your arguements are useful things to explore.

After 4 years it would be disasterous to fail now !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Foggy

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Post by Foggy » Tue Mar 26, 2019 10:04 am
Kevin .... are you a homeowner ? If not and the IVA fails, would you consider bankruptcy if it does not impact on future employment prospects?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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