Pay day loans

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Michael2074
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by Michael2074 » Fri Jan 29, 2010 1:33 pm
Is this allowed while in an IVA...

Always nice to know incase of emergencies.

Thanks

 

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kentmikey
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by kentmikey » Fri Jan 29, 2010 1:35 pm
What I have seen of this the interest is very high to pay back compared to what is borrowed, it then causes a dent in the following month's pay packet, I personally would steer clear.

Mikey

 

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Michael Peoples
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by Michael Peoples » Fri Jan 29, 2010 1:40 pm
It is credit and unless you have consent from the IP you would be in breach of your IVA. As Kentmikey says it is an expensive way to borrow and if you have problems discuss them with your IP.

 

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plasticdaft
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by plasticdaft » Fri Jan 29, 2010 1:42 pm
No borrowing is allowed without your Ip's permission. What usually happens in emergencies(which DO happen),is perhaps a payments break for a month or so. Keep the hell away from payday loan companies!!!

Paul

 

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MelanieGiles
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by MelanieGiles » Fri Jan 29, 2010 10:48 pm
Absolutely not - and if you are desperate to borrow money whilst in an IVA, try and look to family or friends as your credit rating will probably not allow any form of borrowing even with IP permission.

 

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kallis3
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by kallis3 » Fri Jan 29, 2010 10:52 pm
Do Payday loans do credit checks Mel? I thought it was quite easy to borrow from them.

I wouldn't touch them with a ten foot barge pole though, regardless of how broke I was.

As the others have said, if you've got problems then speak to your IP in the first instance.

 

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MelanieGiles
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by MelanieGiles » Fri Jan 29, 2010 10:54 pm
I don't really know Jan - but I know I would avoid companies like this given the very high interest charges they levy.

 

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kallis3
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by kallis3 » Fri Jan 29, 2010 10:56 pm
Thanks Mel.

No way would I ever touch anything like them. You just get in deeper, and deeper without a hope of paying them off unless you get a bonus.

 

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Dominic
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by Dominic » Fri Jan 29, 2010 10:59 pm
Avoid like hte plague this is seriously a very bad idea it just leads to a cycle of them and you will nnever be free of it

 

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Skippy
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by Skippy » Fri Jan 29, 2010 11:01 pm
If you're struggling with payments the first thing you need to do is talk to your IP as they may be able to help you.

 

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Dominic
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by Dominic » Fri Jan 29, 2010 11:21 pm
And its best to talk with your IP and reach an agreement on the payments

 

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kallis3
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by kallis3 » Fri Jan 29, 2010 11:30 pm
If needs be, and it is for an emergency, you can always ask about taking a payment break.

 

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Shining
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by Shining » Sat Jan 30, 2010 8:29 am
I've had a couple of those and which is why it's vital you've an IP who listens and understands. x

 

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kallis3
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by kallis3 » Fri Feb 05, 2010 1:56 pm
I have just deleted a post to do with payday loans.

If you are in an IVA you cannot take out any credit other than with permission of your IP.

This would not be one of those occasions.

 

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Skippy
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by Skippy » Fri Feb 05, 2010 2:24 pm
I've just deleted one on another thread - they're all out today!
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