I have taken out further loans. What can I do, I'm so so worried

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malcolm
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by malcolm » Mon Mar 27, 2017 7:23 pm
what can I do im so so worried IVA will take my home, i have an iva and like a absolute idiot i have taken out further loans.
now im struggling to pay for food and my mortgage.
I am so much in trouble :-(
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Foggy
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by Foggy » Mon Mar 27, 2017 7:27 pm
How much further credit have you taken out ?
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malcolm
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by malcolm » Mon Mar 27, 2017 7:40 pm
I have taken out a further 2010 in loans :-(
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Foggy
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by Foggy » Mon Mar 27, 2017 7:48 pm
Hmmm -- £500 you might have got away with, a couple of thousand is a different kettle of fish. Hopefully you have a good reason for taking the credit and your IP might be sympathetic to your plight. If he is, he might agree a payment break so you can use the IVA payments to clear the new loans. Any break will be added back on at the end of the IVA. I am afraid that you HAVE to have bite the bullet and have a word with him to sort this out.

You need to at least try to head off the IVA being failed. Once that is sorted you will need to address why this happened -- is your budget too tight ? Are you getting all of the allowable expenses covered, or have you missed something ? Or, are you simply overspending? In which case you are going to have to pull your belt in. A new I&E might be in order, but, by taking out further credit, you are already on thin ice.
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Michael Peoples
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by Michael Peoples » Tue Mar 28, 2017 8:26 am
I agree that you need to speak with your IP but there also has to be a certain amount of blame attached to the lenders. Surely any basic checks would have found the IVA so I am surprised the money was loaned at all. Given this fact these companies may be happy to take token payments until the IVA is over rather than rock the boat.
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Lisa Thomas
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by Lisa Thomas » Wed Mar 29, 2017 1:48 pm
Apart from all this you need to work out why you felt it necessary to borrow more money?

Are you not able to live within your means and afford your contributions? Has there been an error in calculating your payments or have there been changes to your income and expenditure that need a review?

Alternatively are you spending money on non essential items?
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