Using credit card before iva

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Fran-c

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Post by Fran-c » Fri Nov 29, 2019 3:46 pm
Hi, I have my creditors meeting next week. I am really scared the iva will be rejected as had been using my credit cards for small amounts of grocery shopping each week, usually around £10. As soon as I applied for the iva stopped using the cards. I had more going out than coming in so is why I used my credit card. Will they reject my iva for this? My creditors are Barclaycard, M & S Bank, and Capital One. I am so scared waiting for the creditors meeting and the fear of the iva being rejected.

Keith White

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Post by Keith White » Fri Nov 29, 2019 5:44 pm
Its always a nervous time waiting for the creditors meeting. I think it is highly unlikely that the use of the credit cards as you mention will cause the IVA to fail. The Insolvency Practitioner must believe the IVA will succeed by putting it forward. Good luck with everything!
Keith White, IVA advisor at iva.com
Contact me at http://www.iva.com/about-us/keith-white

Fran-c

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Post by Fran-c » Fri Nov 29, 2019 6:06 pm
Thanks for your reply. I really hope the iva is approved, it will be a nervous wait until next Wednesday.

Foggy

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Post by Foggy » Fri Nov 29, 2019 6:18 pm
I think most of us used credit cards up until the time we realised we were sinking and using credit to live and to repay other creditors. A few quid here and there will not cause ripples, in my opinion.
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

Radish

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Post by Radish » Sat Nov 30, 2019 8:59 am
Once we get over our heads, we make the payments and take it all back again (and more) its a slippery slope.
Oddly enough, my IVA was set at an amount that was higher then I was currently paying each month, I went into it nervous that it would fail because I couldn't afford the amount they set - however, the fear made me knuckle down, become disciplined, shop in the yellow label reduced section etc, and somehow I managed, a few changes in circumstances for the better along the way and 6 years later - it was paid off at close to 100% including fee's and interested (92% I think)
IVA complete March 2014 after 6 years.

Jessie91

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Post by Jessie91 » Sun Dec 01, 2019 7:24 pm
Hi I used my credit card for food shopping due to couldn’t afford it while waiting for my creditors meeting and I rang and told my IP that and he said makes no difference to them deciding whether I get accepted or not.
I still got accepted for my Iva.
Good luck with your meeting

plasticdaft

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Post by plasticdaft » Sun Dec 01, 2019 9:06 pm
We were using credit cards every month until our insolvency. We would make minimum payments then spend twice that during the month.

It wont impact on any decision.

Good luck and well done for taking action

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.

kallis3

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Post by kallis3 » Mon Dec 02, 2019 10:24 am
Good luck for Wednesday.
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

Fran-c

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Post by Fran-c » Mon Dec 02, 2019 8:16 pm
I spoke to my IP and so far only one creditor out of twelve has voted which is in favour of the iva. I’m expecting two creditors to reject, shop direct and PayPal credit as I had recent spending with them. What happens if none of the others bother to vote? Does that mean the iva would be rejected? I would be so upset if I didn’t get it because of shop direct.

kallis3

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Post by kallis3 » Mon Dec 02, 2019 10:17 pm
It needs 75% by value of voters on the day. If you have that then anyone who doesn't vote or says no will be bound by the IVA.
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

Fran-c

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Joined: Fri Nov 29, 2019 2:48 pm

Post by Fran-c » Tue Dec 03, 2019 7:22 am
Thanks for your reply. I will post here tomorrow after the meeting. Just hope I get enough votes.

Foggy

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Post by Foggy » Tue Dec 03, 2019 7:41 am
Good luck.
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

Fran-c

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Post by Fran-c » Wed Dec 04, 2019 1:03 pm
Hi, my creditors meeting was at 12.00 today, they phoned at 12.27 to say it has been approved! I am so happy and relieved as i was convinced it wouldn’t be accepted. My debts total £21,655 and was paying £562 a month, I will now be paying £160 under the the iva. A few creditors didn’t bother to vote including Barclaycard which is the biggest debt at £5,970. As expected Shop Direct rejected but it didn’t matter as they were out voted. I am so happy right now. Thank you.

Foggy

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Post by Foggy » Wed Dec 04, 2019 1:29 pm
Well done and welcome to your journey ! We are always here to answer any queries or just to have a moan at !
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 » Wed Dec 04, 2019 6:13 pm
Fantastic news! Well done and remember we are here for you.
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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