Hi, I am in a dificult situation with HMRC and have some loans and credit card debts. All payments are uptodate at present. I may well be seeking the advice of an IP regarding an IVA if my situation does not improve and/or my self employed earnings (which fluctuate) drop over the next few months. I am concerned about the effect of recent credit card use for balance/cash transfers on the acceptance of an IVA. I would imagine that many people use credit to attempt to stay afloat during difficult times. Then, if they do not manage to pay their debts are later advised that IVA is their best option. I have read a number of posts on this forum which say that an IVA with a recent loan/credit card use was accepted. Would you please share your experience with me on this subject. Thank you.
Strawberrybear.
The vast majority of us use credit up to the time we appy for an IVA. Once you realise that you are insolvent though you should seek expert advice.
Either speak to one of the experts who post on here or visit www.iva.com for a list of companies and reviews and give one or two a ring for free and impartial advice as to all the solutions open to 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
Hi. In many cases the trigger to realisation that an IVA, or other debt solution, is needed is the fact that we are actually drawing credit to live. The creditors must realise that, in this situation, we use credit right up until we decide on an IVA, at which point we live for a few weeks off of the payments we would have been making, until the IVA starts.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I don't think that the recent transactions on your credit cards will have any effect on whether an IVA is accepted or not, and if you are struggling to see a way forward in clearing your debts, then professional support from an insolvency practitioner would be sensible. Do choose a firm with experience of self-employed cases, and a good track record of dealing with HMRC as they do have differing criteria than other creditors.
