Well I ww s just wondering wi regards to the whole 500 credit clause in an iva does this mean u can order from a catalogue on credit at all ?? Also I have a credit card from before the iva which had no balance on it and wasnt s credItor it has a limit of 500 I was wondering if I w as ever stuck cud I br allowed ti use it ??
Hi daziedazie. My arrangement says I can have no more than £500 with seeking IP@ permission, so I take that to mean I could order from a catalogue or use a credit card up to that limit. You'd need to check what yours specifies. x
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
I'm allowed to use my Next account so long as the figure does not go above £500. I pay it off in full every month though because it would be too easy to start the rotten spiral of debt again x
This is just me, the very thought of having credit in an IVA bar real real emergency is why we got here in the first place and if I've not seen one post on here taking out a sneaky payday loan and then end up in a world of hell, then I've seen one to many.
errr I'm not having a pop please don't think that, but do have a careful think please
Don't forget that some monthly insurance deals are technically credit and I feel that this clause was to allow for such things, not for credit cards ..... at the end of the day, however, it is between you and your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I interpreted it differently, in that I thought the allowal (is that a word?) of £500 credit was for if for instance you had an emergency and needed car repairs for instance so you could get your car back on the road and the only way you could afford it at the time was to borrow to pay for it? I didn't think it was just for 'nice to haves' like stuff from catalogues etc, but then I maybe totally off the mark!
I would encourage anyone looking to use catalogues or credit cards whilst in an IVA to speak to their IP first to ensure allowable under their terms. I am of the same mind as lem in as far as I always believed it was aimed for urgent repairs or for emergencies......
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I'm in my seventh year since my IVA and although my IVA has finished and my credit record top is in top form, the very thought of a credit card actually makes me feel sick. Maybe one day a loan to get a new car or house, but credit for credits sake, big bad idea
You could say that those that complete and rid themselves of the shackles of credit and tie of IVA, we are the lucky ones, be one of them!
We took out a pre paid credit card when our IVA finished and have a direct debit each month...this week hubby needed a new suit so we proudly went into a very nice men's outfitters and purchased him a lovely suit....it was so nice to know the payment made was our own money ...albeit on a credit card ..the best bit there will be no bill on the doormat next month !!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thanx so much for ur input everyone I def won't be using it as I cut it up but was just wondering what that clause actually means.... I think the thought of having to use a credit card again wud fill me wi dread... Just sooo easy to get caught up in that debt cycle again not something any if us want to b in again x
hi, I've just paid my first months payment to my iva. I asked my IP about this clause as was surprised credit could be gained during the iva period. I was told it was primarily for utilities, insurance etc where you may have a debt balance totalling no more than £500
not something any if us want to b in again x