Iva question

MUMZ2BEE

I've been on my IVA since the begining of June now, and I've had no further problems with creditors.

I just want to ask if there is a credit card for people who are on an IVA as I would like to have some form of credit in an emergency.

Many thanks.

Foxy-Stoat_3

That would be a NO!

Its a term under an IVA that you take out no credit cards/loans etc.

Saracen1

I am currently in an IVA and was advised to get a card that you can load gradually before you use it in case of emergencys, but you can only use as much as you have saved on it,
I am still in my first 18 months but I have learned just to cut back not waste as much money on food and non essentials and I have managed to find I can do everything I need to do and still afford to live quite well,
I am lucky I dont drink or smoke and my youngest child has recently left home although this has been quite an expensive time as most parents will tell you We have managed without borrowing money and just budgeting
We did use national debtline and got a loads of Free help and then passed to our IVA company who have been great so far and done everything we were told they would do
My life is my own again and in 4 1/2 years I wil of learned my lesson well
Good luck but do your homework and use a free debtline for the initial help it will save you a lot of money and heartache in the long run :beer:

Foxy-Stoat_3

That's a pre-payment card then, not a credit card.

Good advice if you don't spend all of your monthly budget and rather than having it in your account, pay into a pre-payment card until you really need it.

MUMZ2BEE

The only bad thing with my IVA is that the Insolvency Practitioner increased it to 6 and a half years instead of the standard 5!!

Forcing me to pay for longer and I am not happy about it!!

Foxy-Stoat_3

Assuming to incresase the dividend to a minimum level. Still not allowed to have any credit

Anondebtadvisor

Was it the IP that increased the term or did this happen at the creditors request at the meeting?

Ultimatley the decision to increase the term from the standard 5yrs is left for the creditors to decide

heartbreak_star

Doesn't an IVA leave you enough to build up an emergency fund?

HBS x

Gimpsdad

An IVA allows a contingency allowance, yes. It allows lots more as well, such as dental, social etc. If people budget carefully then anything is possible. If they don't, and they feel further credit "in case of an emergency" is essential, then you need to question whether the solution you have chosen is actually right for you.

memberme

cashplus do a great preload card with no questions asked and cashback.

memberme

To Gimpsdad. Anyone who has been in an IVA for a couple of years or more with a reasonable debt will know that the contingency,social money etc etc....has all long since been eaten up by increases in the cost of living. Anyone finding it easy must have a new IVA or little debt.