www.iva.co.uk

In general, what is the process at the end of the IVA, what is checked, how long will it take and will the creditors be contacted just to ask if they are happy, or is it done in a different way?

Also, I'm nearing the end of my IVA, however I'm a bit worried as I've not been able to clear off some payday loans accumulated during the IVA.

What checks are done at the end of an IVA? I haven't had any problems from my IP yet, but when it is sent off for completion, what exactly happens? will this sort of thing be checked, and by who?



Thanks in advance

The fact that you have payday loans whilst in an IVA could well constitute a breach of the IVA. Is your IP aware of this?

I know it's none of my business, but you have declared this on an open forum; why in hells name are you continuing to take out credit while in an IVA? Surely the principle is that you (and me) have been irresponsible/optimistic in the past with what we can afford to borrow and ultimately pay back, which is why we took the steps to rid ourselves of this debt and in the term learn to budget and manage better. To get back into debt and then find you are unable to pay back this debt is just stupid. Dose the statement of APR a pay day loan company advertises not scare you?
I can not pretend to be standing tall and blame free, but what you have done to jeperdise the completion of your IVA is self inflicted and if you do complete I seriously doubt you have learned a thing.

Liverpig, I really think your post is a bit strong. We know nothing of the OP's circumstances, and even if we did there is no need to be rude.

I agree.

It's comments like the above that discourage people from using forums to seek advice...

Hi IVA_Kid

You do need to be careful if you have taken payday loans since you started your IVA. Taking additional credit while you are in an IVA without the permission of your IP is a reall no no. How much are the loans that you have outstanding? Do you know anyone who could perhaps help you just pay them off whom you could pay back using your DI which is freed up when your IVA is finished?

I agree with Kallis and co - until the circumstances are known it is very difficult to comment - we should not judge our fellow IVA'er and offer the support that this forum is so widely known for.

My post was in response to the information the thread starter chose to reveal. I read into the post that they are frightened that their IP will find out about the pay day loans and fail the IVA at the last hurdle. I felt that IVA_kid is fully aware that gaining credit whilst in an IVA is not allowed without the express sanction of their IP. There are hundreds of posts that give helpful advice about 'stuff' when it starts to get a little tough, most of them tell you to talk to your IP about a payment break and these are really sound. With this in mind, for a member to then post that they have taken out loans, can't pay back the payments then ask for some degree of sympathy just dose not wash clean, nor does it warrant kid gloves.
The IP's who spend time and effort on this site in trying to keep everyone who has entered an IVA sane, informed and happy must bang their heads on a desk when seeing threads like this. If my post appears to be rude to some of you, then I can only bet there are a dozen others who don't post who think the same as I do.
There were over 100 reads of this thread prior to me posting, maybe they didn't post in despair of the topic.

Liverpig, while you are entitled to your opinion, your post came across as rude. Whatever the rights and wrongs there is no need to be rude to a poster. The forum is here to offer support and advice, not scare people from posting.

Please remember the ethos of the forum - respect for all at all times.

Hi
Tracey is right "The forum is here to offer support and advice, not scare people from posting"

Please remember the ethos of the forum - respect for all at all times

Liverpig I will be in contact with you via email.

Regards

IVA kid I hope this gets resolved for you keep your chin up

Oscar

IVA kid - if you can't get anyone to help you clear the payday loans I think you'll have to come clean to your IP. There may be a way around things.

Anybody able to help this guy out with the questions he asked though?

IVA_kid wrote:

In general, what is the process at the end of the IVA, what is checked, how long will it take and will the creditors be contacted just to ask if they are happy, or is it done in a different way?

What checks are done at the end of an IVA? I haven't had any problems from my IP yet, but when it is sent off for completion, what exactly happens? will this sort of thing be checked, and by who?

Although I don't agree with what he has done, we have all found it hard and I have been on occasions close to obtaining credit without permission. Main reason, embarrassed of being judged all be it on the other end of the phone. Luckily I made the right choice (mainly due to the 2000% APR) and struggled through regardless by cutting down on food and what not.

Lets not judge, give advice on how not to do it again

The OP does need to speak to his IP and explain the situation. It will all depend on his company.

We're not really going to be able to help him out as it is down to his individual company and how they deal with it.

Hopefully he will come back on and let us know.