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Pay Day Loan And IVA
Hi,
It's only after reading some posts on here that has got me thinking.
For about a year or so now because i get payed monthly on 2 or 3 occasions i have had to get a pay day loan, i know they are a bad way of borrowing money because of the interest you pay back egs but i have just used it in a emergency when needed and have always paid them back when receiving my wage at the end of the month.
I have just realised though by doing this am i breaching my IVA agreement by getting credit when on a IVA ?
I must admit, the times i have got the loans (were only small amounts) did help me out big time until pay day.
Any advice would be appreciated
Thanks
It's only after reading some posts on here that has got me thinking.
For about a year or so now because i get payed monthly on 2 or 3 occasions i have had to get a pay day loan, i know they are a bad way of borrowing money because of the interest you pay back egs but i have just used it in a emergency when needed and have always paid them back when receiving my wage at the end of the month.
I have just realised though by doing this am i breaching my IVA agreement by getting credit when on a IVA ?
I must admit, the times i have got the loans (were only small amounts) did help me out big time until pay day.
Any advice would be appreciated
Thanks
0
Comments
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Yes it's against the terms of your iva but noone is ever likely to find out about it so I wouldnt worry too much. As a matter of interest it probably states on your PayDay loan T&Cs that you agreed to that you are not currently bankrupt or in an IVA.:whistle:Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
Debt free 21st Oct 2011.
All thanks to :money:0
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