www.iva.co.uk

Hi all, first post, 2 months into my iva and all going well, i Have a aqua credit card with a £250 limit on it with zero balance as it’s never been used even though I have had it years ... my cooker has just broke so need a new cooker, was wondering whether I can use the credit card as an emergency to get the cooker and pay £50 a month to clear the card again as it’ll only take 5 months to clear that way ... I know I shouldn’t but it’s my only option really and I’m worried about any breach of my iva ... I have read that under £500 isn’t an issue ? Z

Can someone help with some information please?

A better idea would be to speak to your IP about it, they know **** sometimes happens and things break. Talk to them about using a little bit of their supervisory discretion to offer a payment holiday to allow you to fix it/buy a new one. The missed payments will normally be added to the end of your arrangement. Taking extra credit is a bad idea - work within the confines of your IVA and work with your IP.

Good luck

Completely echo WallE's thoughts. You might find that the '£500 disregard' has already been eaten up in utility credit accounts and car or household insurance if paid monthly.

My partner is going to work an extra shift a month to pay the £50 a month back (the iva is mine and not my partners) if I was to use the credit card, as I said we need one today as we have two small kids and my IP is out of office till tomorrow, the balance would be paid before my review so hopefully there would be no issues? can you see it causing the iva to fail if I used it? if my partner can get two extra shifts in work I could pay it off in two months.

I read thAt you don’t need to tell your IP if you use less than £500 credit and it’s paid back fairly handy?

Thanks all

My boiler broke whilst in my IVA so we had a payment break and made it up over a few months

What Foggy means is that you may not have that buffer if it has been swallowed up by monthly payments on utilities etc. Do you have a microwave you could use in the meantime?

There is always the chance that your plan will work and the whole thing will go un-noticed --- but, we, as a forum, cannot advise you to act in such a way. We can only give our experiences and opinions. This has to be something you need to decide upon.

Can your partner not buy the cooker in their name so as to avoid this issue ...

Thanks for the reply’s guys, my partner has poor credit so can’t get one unless we get cash together which we can’t ... I just don’t want anything to go wrong in my iva as since I got accepted for mine a big weight has been lifted off my shoulders, I know you get a breach For using credit in excess whilst in an iva, my friend did and was asked to pay back the credit he used within 6 months which I can do no problem if we use £210 which is what the cooker will cost .. I don’t really want to take a break from iva I want to stick to my payments as I know with my partners extra shift we can pay the money back off the credit card no problem within a few months, it’s a tough decision

Do you have a microwave you can use in the meantime?

Another thing to bear in mind is Aqua cards have a pretty high interest rate so you'll be repaying more than the £250 you borrowed

The other thing to do is look at local sellers on Facebook - you might find something on there.

Sorry but to take credit out whilst in your iva is risking your iva and not something we should be endorsing here on the forum.

Your partner has poor credit rating too so unlikely to get approved is how I am reading this.

Therefore in my opinion you should seek a payment break to purchase a new one. Look on gumtree or local free ads as I am sure there will be good second hand ones available. Just don't do anything to jeopardise your iva.