Credit Whilst In an IVA

[animaleyes76]

This might seem like a stupid question but i'm gonna ask it anyway lol.

In my IVA agreement it says that I have to contact my IP for any application for credit over £250. However, in the letter covering that agreement (which i assume would not be legally binding as the actual IVA agreement is) it says "you are not allowed to apply for credit apart from utilities.

My question is, assuming you could find a company (say a credit card company) that would take you (very unlikely, prob NEVER gonna happen) and they gave you say a £250 limit card, am i actually breaching my IVA as i have not got credit over £250.

A lots of if's and but's and probably in reality only ever going to be hypothetical but just wondered..

Cheers [:)]

[emma_t]

I think this would be very unwise and could breech the terms of your iva, I think you are only allowed this for utilities not a credit card.

Really would have thought it would be impossible to get a lender to give you a card whilst in an iva anyway as your credit rating will be awful and show you are insolvent.

Personally I am glad I no longer have any credit cards and am not thinking I would like one ever again at this stage..
Emma x

[animaleyes76]

Thanks for that. It's pretty much what i thought. Not really something i was going to do in practice but just wondered as each document contradicts the other hey ;o)

Like i need even more debt lol. ;o)

42 months to go ;o)

[emma_t]

It can be a minefield!!

[animaleyes76]

You're not wrong lol. I can't wait for the 42nd month because my final payment will be due on my 35th birthday. What a present that's gonna be!!

[aguise]

Hi there any credit applied for during an iva must be with the express permission of your Ip. As Emma says it could breach your iva.

Ang