www.iva.co.uk

hi my friend is wanting a short loan of about £500 and is on an IVA, I've tried to discourage her from applying for it and not sure if she can get any credit at all as we have only just finished our IVA (waiting for completion certificate) and wouldn't apply for any credit for a good two yrs. Anyhow she is being insistent so I thought id ask if anyone does recommend a particular lender that would help? She is on about those pay day loans, ive tried my best to discourage and said to ring her IVA company up to see if she can have a payment break to free some money up but she wont listen.

On a happier note does anyone know how long it takes for completion certificate to come through? We paid full and final in may then they said it would take up to 3 months for certificate to arrive and it hasn't yet?

No no no to payday loans !! She will be on a path back to where she was.

Has she considered a vanquis credit card to rebuild her credit record? You can apply online.

What does she want the loan for?

can you get a vanquish card when you are on an iva though? We thought about doing that eventually for ourselves , just having one, buying food shopping on it and then paying total balance of each month with it so helps our credit rating but didn't think you would be able to get one of those for a good couple of yrs after finishing iva let alone whilst on one?

Sorry, I read it that your friend had finished IVA. No, you shouldn't take any credit whilst in IVA certainly above £500 - get her to check her original proposal to see what it says.

Hi. Only the less reputable lenders will lend to your friend ( and the sort who break your legs if late paying). Apart from the fact that it makes a mockery of all she is trying to do in the IVA, if her IP gets wind of this the IVA could be failed.

VERY slippery slope.

If you have a local credit union they may be able to help out, although being in a iva they may prefer her to have savings to borrow against. Can't remember the exact criteria but some CU's will consider lending to iva'ers.

I was advised by my IP's assistant doing this for less than £500 (in my case) would be acceptable, but not in the spirit of the iva agreement.

I'm not condoning the idea of borrowing during an iva but CU interest of 13/26% is far less than a PDL's 1400+%

How would she fund repaying the loan?

Paul

Suggest she talks to her IP if the purchase she needs the loan for is vital.. maybe a payment break?

She really needs to talk to her IP. If she needs a loan, it suggests she's short of cash which would lead to questions as to how she intends to repay the loan, especially whilst in an IVA. I also think you need to ask permission from your IP before you can apply for any type of credit at all.

thanks for all the above, will reiterate to her again about talking to her IP,

regarding the completion certificate George123,it can take a long while to come through,depending on ppi investigations etc,so keep on top of your IVA firm to try and get it pushed through as quickly as possible.

Paul