Which payday loan companies can be covered by an IVA ?

Get expert opinion. This is the place for new questions to be posted.
7 posts Page 1 of 1
Post Reply
 
 

Elisha.35

User avatar
Posts: 1
Joined: Sat Apr 11, 2015 10:33 pm
Post by Elisha.35 » Sat Apr 11, 2015 10:33 pm
Quote
which payday loan companies can be covered by an IVA?
Top
 
 

luluj

User avatar
Forum Expert
Posts: 11333
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom
Post by luluj » Sun Apr 12, 2015 7:13 am
Quote
Welcome Elisha.

Payday loans are not suggested as a way forward whilst in an iva.

If you are contemplating these I would suggest your income and expenditure has not been set correctly and needs to be reviewed with your IP.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
Top
 
 

No_Money

User avatar
Posts: 257
Joined: Fri Apr 15, 2011 10:07 am
Location: United Kingdom
Post by No_Money » Sun Apr 12, 2015 9:36 am
Quote
Are you looking into an iva and have Payday loans and worried they will not agree?
Officially debt free as of 10th Feb 2015
Top
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Sun Apr 12, 2015 10:01 am
Quote
As long as the loans are not secured they can be included, but the lenders are, of course, not obliged to agree unless out voted by other creditors.

Some of these companies now offer loans if you can offer a guarantor. If you have one of these the company can pursue the guarantor for the debt even if it is in your IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Top
 
 

lifenoteasy

User avatar
Posts: 3248
Joined: Thu Feb 05, 2015 2:26 pm
Location: United Kingdom
Post by lifenoteasy » Sun Apr 12, 2015 10:17 am
Quote
They have just changed who may be eligible for a debt relief order so also look at that.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Top
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Sun Apr 12, 2015 10:19 am
Quote
Good point Lifenoteasy -- they have also increased the amount of debt eligible for relief.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Top
 
 

lifenoteasy

User avatar
Posts: 3248
Joined: Thu Feb 05, 2015 2:26 pm
Location: United Kingdom
Post by lifenoteasy » Sun Apr 12, 2015 10:44 am
Quote
https://www.gov.uk/government/news/impr ... oblem-debt
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Top
Post Reply
7 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”