www.iva.co.uk

Hi all and Happy New Year

My wife and I were accepted for an IVA 2 months ago.She has a catalogue but other people owe money for goods purchased so this was not included on our IVA. Is it allowed to use catalogues to purchase products now or is this classed as CREDIT.

Thanks

Scooby

Hello

This is actually something that confuses a lot of people. Catalogues cannot be used during an IVA as this is still credit.

Technically if there was an outstanding balance on your wife's account at the date of the IVA this debt should have been included as you are required to make a full disclosure of all your assets, liabilities, etc. Even if other people owed the money the account will still be in your wife's name and so legally her liability.

The best thing for you to do is speak to your IP ASAP and discuss it with them, you may be able to incur credit during the IVA with your Supervisor's (IP's) permission, but this will depend on the specific terms of your IVA.

Hope this helps



AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

If items were bought by other people though, that is not your debt sureley.

As I am aware if you are running your catalogue as an agency sureley that is counted as an income and not credit.

Also, I am sure you can buy things if you pay outright and not on hp as it were.