She shouldn't have the cards anyway - that is in breach of the IVA.
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
You have to speak to your IP asap, additional credit is not allowed without IP permission.
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 have just checked the wording of my IVA and it states that I shouldn't take out more credit - which I haven't, it was in existence when the IVA was set up.
They clearly don't credit check you as I have been in mine for almost 4 years and they've never flagged up these credit cards.
I take it there wasn't a balance on these cards when you started the IVA?
You should have cut them up once you started.
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
So as unsecure debt they should have been included in the IVA.
Perhaps i am misreading this - but you been your IVA 4 years you have credit cards with monthly statements and paying this off over the term of the IVA, but now concerned about your IVA.
If the cards were not destroyed would you have used them ?
No, I wouldn't have used them. As I stated in my original post, I do feel foolish for not including them. It was an oversight on my behalf and then once the IVA had been agreed I didn't want to risk endangering it.
Obviously in hindsight I realise that I probably already have.
Hopefully get rid of them ASAP - and get complete your IVA. This is obviously causing your concern,obviously not to sure what the right answer is, perhaps if i were in the situation, i would grovel /apologise to my IP. No one is judging you on this (this includes me)so you need to do what right for you.
This far in it would be a hard IP who would fail the IVA now --- might have a few strong words, mind you The other creditors would be more than miffed too.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Rachel - you wouldn't be the first or the last to forget to include a debt in your proposal. The best thing would have been to inform your IP as soon as you realised rather then pay them off. At this point, you need to tell your IP and take their advice as to whether the remaining balance should be included in the iva for dividend purposes. It is understandable you were scared, particularly if the balances were big enough to breach your iva and send it back to creditors for a variation.
I would speak with your IP ASAP as technically you have prefered some creditors over others by paying them the full balance while the others only get a proportion.
I agree with Lisa - I'd speak to the IP now to get it all sorted out.
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
The other creditors would be more than miffed too.
