Payday loan whilst in an IVA

[kazza24]

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]

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]

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]

In that case, maybe one of the professionals can advise.

[kazza24]

Thank you, any advice would be appreciated.

Karen

[MrsKnight]

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.

[Shining]

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

[kazza24]

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]

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.

[kazza24]

Thanks for that Melanie,that really means a lot. I feel much more positive now. I'll calm down and stop posting x

[MelanieGiles]

Don't stop posting - but glad you're calming down!!

[Adam Davies]

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

[kazza24]

Thanks Andy, that will keep me positive now in the last year x

[teal1066]

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]

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.