No credit in an IVA?

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prashanthi
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by prashanthi » Wed Jul 25, 2018 4:41 pm
I am currently on an IVA since a year and the car I have now is up for renewal in February. I went to the current dealer this week and tried to upgrade my car but the finance was rejected. The only reason I can think is I am on an IVA. My payments have always been on time and have been with this dealer for the past 6 years. Does this mean I will not be able to get credit at all?
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recovering
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by recovering » Wed Jul 25, 2018 4:47 pm
Pretty much yes!
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Foggy
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by Foggy » Wed Jul 25, 2018 4:53 pm
Not only will you not be offered credit, you are not allowed to take any more credit. You cannot repay what you already owe, you will not be allowed to take on new debt.
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kallis3
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by kallis3 » Wed Jul 25, 2018 5:17 pm
I agree with above.
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MerlinL14
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by MerlinL14 » Wed Jul 25, 2018 5:40 pm
All of this should have been discussed, at length, before you signed up for the IVA. Sadly it seems that numbers are far more important than happy, well informed clients.
You are shot from credit for at least 6 years from the start of your IVA, while in the IVA you can not attempt to get credit, other than utility bills, phone, subscription TV up to a value of £500 without informing your IP. If you sign up for more credit, payday loan etc then you run the risk of falling foul of your IP and him/her putting you in breach of the IVA at which point you will be back at square one but with the added worry of the new debt, interest back dated on existing debt and the fees for the IVA. All sounds pretty scary, and it needs to be so that you are fully aware of the consequences of having a silly moment and not thinking a process through.
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Ryan
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by Ryan » Thu Jul 26, 2018 7:39 am
I have to agree with Merlin. We are still speaking to Clients who haven't been advised fully of the implications of entering into an IVA.

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mumof3
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by mumof3 » Thu Jul 26, 2018 7:57 am
MerlinL14 wrote:
All of this should have been discussed, at length, before you signed up for the IVA. Sadly it seems that numbers are far more important than happy, well informed clients.
You are shot from credit for at least 6 years from the start of your IVA, while in the IVA you can not attempt to get credit, other than utility bills, phone, subscription TV up to a value of £500 without informing your IP. If you sign up for more credit, payday loan etc then you run the risk of falling foul of your IP and him/her putting you in breach of the IVA at which point you will be back at square one but with the added worry of the new debt, interest back dated on existing debt and the fees for the IVA. All sounds pretty scary, and it needs to be so that you are fully aware of the consequences of having a silly moment and not thinking a process through.


Is this £500 everything combined? Or for each thing separately?
Thanks
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MerlinL14
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by MerlinL14 » Thu Jul 26, 2018 12:00 pm
mumof3 wrote:
MerlinL14 wrote:
All of this should have been discussed, at length, before you signed up for the IVA. Sadly it seems that numbers are far more important than happy, well informed clients.
You are shot from credit for at least 6 years from the start of your IVA, while in the IVA you can not attempt to get credit, other than utility bills, phone, subscription TV up to a value of £500 without informing your IP. If you sign up for more credit, payday loan etc then you run the risk of falling foul of your IP and him/her putting you in breach of the IVA at which point you will be back at square one but with the added worry of the new debt, interest back dated on existing debt and the fees for the IVA. All sounds pretty scary, and it needs to be so that you are fully aware of the consequences of having a silly moment and not thinking a process through.


Is this £500 everything combined? Or for each thing separately?
Thanks


You would need to read your proposal and chairman's report as it may differ from what mine had stated and what I was personally told by my IP at the time. "I" in IVA stands for individual, and although there are some ;set in stone' protocols, there are circumstances that would make some aspects individual to you.
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