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 Will IVA be declared as breached?		  New Topic  Reply to Topic
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Matt.99
Starting Member



2 Posts
Posted - 02 January 2011 :  12:27:27  Show Profile  Visit Matt.99's Homepage  Reply with Quote
I'm in an IVA but I've taken out pay day loans to keep going and I'm struggling to pay those back. I know I need to declare these loans to the IP, so will they declare the IVA as breached forcing me into bankruptcy?

debtinfo
forum expert



2826 Posts
Posted - 02 January 2011 :  13:43:21  Show Profile  Reply with Quote
how much are we talking about
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Viki.W
forum expert



United Kingdom
2211 Posts
Posted - 02 January 2011 :  14:26:32  Show Profile  Reply with Quote
Hi Matt,

It might not mean that your IVA will fail, but you need to speak to your IP first thing Tuesday.

They may allow you a payment break to repay the loans, and you should go through your I&E again to make sure the IVA is affordable.

I know it's too late, but if you need money for emergencies, then always contact your IP as they can arrange payment breaks. Don't use credit.

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
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Matt.99
Starting Member



2 Posts
Posted - 03 January 2011 :  11:22:52  Show Profile  Visit Matt.99's Homepage  Reply with Quote
Hi Debt Info, I have 4 pay day loans totalling £4k.
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debtinfo
forum expert



2826 Posts
Posted - 03 January 2011 :  11:31:23  Show Profile  Reply with Quote
It is likely that the IVA will be breached as it seems you would be unable to rectify the situation with that amount of extra debt, before deciding what to do next you need to understand why you needed to take credit out, ie were you unable to live on the budget set or did a completely one off event happen

Speak to your IP and decide what to do next
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