www.iva.co.uk

Im been on an iva for four years now but in the last 18months ive been struggling will my health ive lost my job now and my income is my 300 pound pension and hopefully benefits until i gdt back to work my problem is ive had to take out 3 payday loans with very high interest im so worried dont know how to deal with it all can you support me at all

I am afraid that the payday loans could get the IVA failed -- how much have you borrowed ? You could ask your IP for a payment break for a few months to sort those loans --- missed payments will be added back on at the end of the IVA.

I would speak to your IP and explain the situation to them.

Ive had iva 4 years lost my job got ive got more pay day loans foolishly can i had them to my iva

Sorry - no, they cannot be added. I believe you have had answers on a previous thread.

Topics merged

how are you able to get a pay day loan while in an IVA surely when they do the checks they will see the IVA on credit file?

is that not irresponsible lending?

Mon Mar 25, 2019 1:53 pmtasha_shero33 wrote:

how are you able to get a pay day loan while in an IVA surely when they do the checks they will see the IVA on credit file?

is that not irresponsible lending?

It is irresponsible lending and the courts have quashed such loans in the past when they have got that far in enforcement. But the issue right now, for the OP, is the effect it might have on the IVA.

I agree with Foggy - the OP needs our help and support now.

if they can not afford the pay day loans could they not go back to them about it being unfair lending?

It might help if they can get the interest frozen and pay it back over a longer term, then hopefully it wont have a big impact on their IVA expenditure figures.

Hope they get it sorted x

Tue Mar 26, 2019 9:51 amtasha_shero33 wrote:

if they can not afford the pay day loans could they not go back to them about it being unfair lending?

It might help if they can get the interest frozen and pay it back over a longer term, then hopefully it wont have a big impact on their IVA expenditure figures.

Hope they get it sorted x

Tasha, I get what you are saying and you have a valid point. But the elephant in the room is that the basic agreement not to take further credit has been breached, so, I guess, the first thing is to determine, as I asked, how much credit was taken ... then, if it is a breach, gently try to find out how the IP will be likely to react and what they will accept to repair the breach. A case of choosing your battles really. But, if the IP is willing to work this out, your arguements are useful things to explore.

After 4 years it would be disasterous to fail now !

Kevin .... are you a homeowner ? If not and the IVA fails, would you consider bankruptcy if it does not impact on future employment prospects?