Payday loan whilst in an IVA

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kazza24

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Post by kazza24 » Thu Jul 22, 2010 4:48 pm
Hi

Can anyone tell me if you have a Payday Loan whilst in an IVA, but you have paid it back within the IVA period, and you havent missed an IVA payment, would they see this and fail your IVA at the end of the term ?

Thanks

Karen
 
 

31101932

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Post by 31101932 » Thu Jul 22, 2010 5:33 pm
In my opinion you should NEVER take a payday loan, and certainly not while in an IVA.

If it is absolutely vital that you have a loan could you not borrow from a family member or a friend?

Payday loans have horrendous rates of interest and should always be avoided.
 
 

kazza24

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Post by kazza24 » Thu Jul 22, 2010 5:41 pm
I've already had it and I've paid it back some time ago, I have had reviews since then and it hasnt been mentioned, but I am worrying that it may appear at the final hurdle, and even though I havent missed an IVA payment they may fail my IVA, even though the payday loan is paid off ?
 
 

31101932

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Post by 31101932 » Thu Jul 22, 2010 6:14 pm
In that case, maybe one of the professionals can advise.
 
 

kazza24

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Post by kazza24 » Thu Jul 22, 2010 6:30 pm
Thank you, any advice would be appreciated.

Karen
 
 

MrsKnight

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Post by MrsKnight » Thu Jul 22, 2010 6:43 pm
Personally due to the interest rates a payday loan is something I would never ever do. But I do know an IVA can put you into situations which make you desperate - especially when things go wrong n ou of your limits.
As you have taken it out & paid it in full n still maintained your IVA payments, I cant see it having a massive impact on your IVA.
If you come into any difficulties in the future of your IVA - get intouch with your IP/IVA firm n see if they can give you a payment break.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt

Lyns x
 
 

Shining

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Post by Shining » Thu Jul 22, 2010 7:15 pm
I don't think any type of credit can be taken without the express approval of your IP if I remember rightly.

As you've had it and paid it back, it's all done and hopefully won't hinder your IVA x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kazza24

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Post by kazza24 » Thu Jul 22, 2010 8:38 pm
Thanks Mrs.Knight and Lesley. I hope your both right, I'm into the 5th year now, it would be so hard to fail after this long.

Thanks
 
 

MelanieGiles

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Post by MelanieGiles » Thu Jul 22, 2010 8:57 pm
I would personally turn a blind eye to this, Karen, but if you struggle again in the future, please contact your IP before looking for another unauthorised loan.
Regards, Melanie Giles, Insolvency Practitioner
 
 

kazza24

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Post by kazza24 » Thu Jul 22, 2010 9:07 pm
Thanks for that Melanie,that really means a lot. I feel much more positive now. I'll calm down and stop posting :) x
 
 

MelanieGiles

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Post by MelanieGiles » Thu Jul 22, 2010 9:07 pm
Don't stop posting - but glad you're calming down!!
Regards, Melanie Giles, Insolvency Practitioner
 
 

Adam Davies

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Post by Adam Davies » Thu Jul 22, 2010 10:19 pm
Hi
There are not many IVAs that will run smoothly for five years.You have paid it back so have nothing to worry about but as Melanie says if you find yourself struggling again contact your IP
Regards
Andam Davies
 
 

kazza24

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Post by kazza24 » Fri Jul 23, 2010 11:55 am
Thanks Andy, that will keep me positive now in the last year x
 
 

teal1066

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Post by teal1066 » Thu Aug 19, 2010 10:57 am
I also know little about payday loans.Pay day is legal.If you are taking a pay day loan please first collect full information about loan lender.
 
 

kallis3

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Post by kallis3 » Thu Aug 19, 2010 7:15 pm
As you say, Payday loans are legal. However you should not take out credit whilst in an IVA without your IP giving permission.

Kazza will be fine 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
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