can I do this?

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louise.c

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Post by louise.c » Wed Feb 13, 2008 8:37 am
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Hi I am in an IVA and have been paying it for 3 years now,it was increased to a 6 year IVA as my circumstances changed so I have another 3 years to pay.
In this time my credit rating has improved and I have been able to get credit again,I dont know if I should of done this or not with being in an IVA but its done now anyway,what I would like to know is can I pay my IVA off earlier with one lump sum? my mum may be able to pay it off for me or I could get a loan and clear it to not have the hastle of them wanting to know the ins and outs of everything every year,how would this work? can I do this?
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Lisa2009

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Post by Lisa2009 » Wed Feb 13, 2008 8:43 am
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The fact that you have taken credit again will not be looked upon favourably.
Credit is not allowed when you are in an IVA unless its with express permission from your IP and its for something essential.

How can your credit file have got any better when the IVA will be on it for 6 years from the day your IVA was accepted.

mrs skint
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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debbiw

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Post by debbiw » Wed Feb 13, 2008 8:45 am
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Louise, Having credit during an IVA is not allowed unless firstly agreed by your IP. The whole point of getting an IVA in the first place, is to try and pay as much back to your creditors, and to sort yourself out financially. What would be the point of it all, if you were now to go get a loan to pay off your IVA. Sorry to sound harsh, but loans and credit cards etc is what probably got you into this mess in the first place!
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MelanieGiles

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Post by MelanieGiles » Wed Feb 13, 2008 6:44 pm
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You will not be allowed to take out a commercial loan to pay off your creditors, but if the money were to be offered by a third party, who you then had to repay, there should be no problems.

I have to agree with Debbie though to a certain extent, as all you would be doing would be replacing one repayment plan with another.
Regards, Melanie Giles, Insolvency Practitioner
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angela18

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Post by angela18 » Wed Feb 13, 2008 6:47 pm
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after this experience of worry, loss of sleep and sanity. if all my IVA is approved I will never in my life use the word credit again, never mind apply for any...
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

if you wish for a rainbow... then you have to put up with the rain xx
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