Pay Day Loan And IVA

AdamMerry

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

james32_uk

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: