Payday Loans while in IVA..HELP!

Howzat1980

So, due to some unforeseen car incidents and other expenditure i needed to get a payday loan...i am currently in an IVA but the thing is i have fallen fowl of the payday loan cycle and i have no money once my wages are paid in...that means i need to get another payday loan to survive on and it continues...on top of that i owe friends money so i am quickly losing them....my IVA company want copies of my bank statements and they will see the payday loans...i am on the brink of failing the IVA anyway...i have been off work with stress and depression and just as i start to feel better this debt issue raises it's ugky head and makes me feel worse...can anyone help please?

i know i should just be honest with the IVA provider but i am scaredd!

Nargleblast

You have to make that call to your IVA provider. You have no choice. Make sure you have all your facts and figures ready, and be honest and upfront about the payday loan thing. Who knows, maybe something can be worked out, but you won't know unless you make that call. If, however, your IVA has to fail then so be it. You can discuss the alternatives with the IVA provider, and it will be hard going, but you will eventually get out the other side. And don't forget that there is a lot of support on this website from people who have been in similiar situations, so grasp the nettle and make that call.

Howzat1980

THanks...i guess i needed someone else to tell me before doing it....i will get my figures all sorted tomorrow and make the call next week...ekk!!

one day there will be an end to it all !!

thanks again

Charco_2

DO NOT BE DISHONEST WITH YOUR IVA PROVIDER...

but...

it's worth bearing in mind that your IP wont fail your IVA immediately. Your proposal will outline reasons for failure and usually that involves three missed payments - check the proposal.

Explain the sitution to your provider/supeervisor AND THAT IT WAS CAUSED BY YOUR CAR and you might not be able to make your full payment. Get back on track AS SOON AS POSSIBLE and get off the PAY DAY LOAN merry go round!

Good luck!

Howzat1980

thank you so much i feel a bit better now... i have been advised to open a new bank account first then stop payments to the payday loan companies and offer token payments...think things may look up once my other half gets a job....

Howzat1980

i have sent a letter to them explaining the issues.... lets see what happens ek!

Howzat1980

they keep calling me but i am too scared to answer...i hate this...its affecting my sanity