Would IVA be turned down if there is recent spending?

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Fay1983

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Post by Fay1983 » Tue Feb 18, 2020 9:13 am
We were about to submit our information for an IVA but the person advising us said due to recent credit card spending (over Christmas, so quite a bit) we would likely be turned down by our creditors. They recommended us doing a DMP for 3 months, not touching credit cards at all in that time then apply for IVA at that point. Does that sound like fair and accurate advice?

Foggy

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Post by Foggy » Tue Feb 18, 2020 9:24 am
Most of us lived on credit up until the very end -- but, if it appears to have been a 'last blowout', there could be ill will. Might I ask who you have spoken to ?
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

Lisa Thomas

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Post by Lisa Thomas » Tue Feb 18, 2020 9:27 am
It depends on the creditors attitudes, which creditors it was, how much you have incurred and which creditors might have the swaying vote.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Fay1983

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Joined: Mon Feb 17, 2020 11:13 pm

Post by Fay1983 » Tue Feb 18, 2020 9:40 am
Ah okay. We've spoken with an advisor from Financial Support Centre. I don't think it was hugely more on my credit cards but my husband it was about £400 difference.

Our cards are with Virgin, MBNA and Barclays.
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