Studio24 account and fear of making IVA void with Harrington Brooks

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amy746
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by amy746 » Tue Jun 13, 2017 9:01 am
I started an IVA last year I have a studio24 account which wasn't included, I have used the credit on the catalogue since and am now struggling to make the repayments, my Iva is with Harrington Brooks will they add this debt to my iva or will it make my iva void
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Michael Peoples
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by Michael Peoples » Tue Jun 13, 2017 9:09 am
You need to speak to your IP and get this resolved. As it is new credit it would not be captured so I would suggest a payment break while you clear the debt may be the best option.
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luluj
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by luluj » Tue Jun 13, 2017 9:21 am
Did you have the account prior to the iva commencing? If so was there a balance on it - could you ask for that to be included and then the balance will need to be found via payment break.

You need to stop using the account now and not take further credit until after your iva ends.
I know its hard but you need to review the budget set to ensure you are able to live within your means to avoid further temptations.
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Foggy
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by Foggy » Tue Jun 13, 2017 10:43 am
Why was this not included in the IVA at the start ? How much are we talking about ? Many arrangements will allow for up to £500 credit, however, it is unlikely this can be now included and a payment break to clear it might be agreed.
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kallis3
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by kallis3 » Tue Jun 13, 2017 10:54 am
I still have a studio account but it was a nil balance at the start and I never used it, so just kept it open - still haven't used it in years.
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amy746
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by amy746 » Tue Jun 13, 2017 3:22 pm
I did have the account open at the time of the IVA but the balance was very low . It's now over £1500 And the payments have now gone up to over £100 per month which I can no longer manage. I feel very foolish to of let this happen. I'm unsure of what a payment break is? Would I need to sort that out with the catalogue?
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kallis3
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by kallis3 » Tue Jun 13, 2017 3:32 pm
No, you speak to your IP and ask for a payment break from your IVA to clear the balance but that is quite a high balance so you need to try and sort this asap. Is there a family member who could help you out?
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Foggy
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by Foggy » Tue Jun 13, 2017 4:10 pm
Basically you arrange a payment break with your IP ... so miss some IVA payments, which you use to clear the Studio 24 account. The missed payments are then added back on to the end of the IVA. Your IP might, or might not agree.
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