Why should the creditors who have rightfully bided their time to get repaid, suffer as a result of payday loans which you are suggesting be repaid in preference inaiva? This is not about what is better for the person who has breached the terms of their IVA, but what is best for the creditors.
No-one should use payday loans unless they intend to repay the amounts borrowed by pay-day. That is why the interest is so high.
OK so from the posts above it looks like I will not be contacting my IP regarding this, I will try to clear the payday loans through friends and family, but if not, I will clear them after the IVA finishes. I just have a dreadful feeling the IVA will fail because someone finds out I've taken out credit. Can anyone offer me any thoughts? What if my IP/creditors turn round after I've paid up and fail me anyway?
It is in no-one's interests for the IVA to fail at this late stage - and please don't think that I am suggesting you withold this from your IP - I simply think that they are likely to agree with me and encourage you to get the IVA finalised as soon as possible. It is the payday loan companies who may be most aggrived when you tell them that you cannot pay them - in which case they can pursue usual enforcement processes against you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I can see your point Mel, and I can understand where you are coming from, acting on behalf of the creditor. I'm surprised that given a IVA they even accepted you for a loan.
But has they have, and given that the interest rates alone will probably mean that if you wait 5 months the amount owed will more than quadruple. That's why I'm saying he would be wise to pay it off sooner rather than later.
But I do take your point.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Do payday loans actually credit check you? As far as I'm aware, as long as you are a salaried worker then they will loan you the money.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Do payday loans actually credit check you? As far as I'm aware, as long as you are a salaried worker then they will loan you the money.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It would appear they don't, which is wrong in my opinion. If they are going to lend at these rates they should at least be responsible rather than get people into more and more debt when they cannot afford it.
Just gets my back up these types of firms. Would not go near one with a ten foot barge pole.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As mentioned before - perhaps ask family to pay off the pay day loans now (to avoid heavy charges) then once the IVA is finished pay family back with the first couple of months of payments post IVA
they dont credit check-I used to use them the odd month and they do come in handy if you have the means to pay them off.
To the original poster-If you cant pay them off in full you would need to consider carrying the cheques over until your iva completes-not ideal but I cant see any other option at present.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
