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Credit Card with IVA
Comments
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Actually as Phil has said you are not allowed to take on more credit whilst in an IVA. The standard IVA terms actually state "Further credit is prohibited whilst under an IVA":pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
Taken from the thinkmoney website:
"If you are allowed to apply for credit at any point during an IVA, it will probably be limited to a small amount, and it would have to be for a good reason, i.e. a financial emergency.
As an example, let`s say you`ve got expensive car repairs to pay for, and you need your car for work. Without being able to get to work, you wouldn`t be able to make your IVA payments. So it`s actually in your lenders` interests that you can pay for your car repairs and then continue to meet your IVA payments as normal.
But keep in mind that because of the impact an IVA will have on your credit rating, obtaining credit is likely to be very difficult, even if the lenders involved in your IVA do agree to it."Feb 2024:
CC1 6537.66
CC2 7804.45
CC3 4221.17
CC4 2053.68
CC5 989.30
Loan 1 3686.44
Loan 2 5275.22
Total £30,567.920 -
wildheart83 wrote: »Taken from the thinkmoney website:
"If you are allowed to apply for credit at any point during an IVA, it will probably be limited to a small amount, and it would have to be for a good reason, i.e. a financial emergency.
As an example, let`s say you`ve got expensive car repairs to pay for, and you need your car for work. Without being able to get to work, you wouldn`t be able to make your IVA payments. So it`s actually in your lenders` interests that you can pay for your car repairs and then continue to meet your IVA payments as normal.
But keep in mind that because of the impact an IVA will have on your credit rating, obtaining credit is likely to be very difficult, even if the lenders involved in your IVA do agree to it."
As I said in my post I was quoting a standard IVA, but the part I have highlighted above states "if you are allowed to apply" not that you are allowed to apply, then it would depend on the individual IVA.:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
According to my IVA supervisor, No.
unless i go for the pay as you go Credit Card ( which is useless)
been in IVA means i have no ability to control my spending, why on earth i need a credit card !!0 -
Being in an IVA does not control your spending. You maybe just need to budget better to live within your means.When I joined, I needed a name. The forum members gave one to me...I am INAN
"Fortunes ebb and flow and a boat must move with the tide and be thankful that it floats." Judith Allnatt0
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