Finance while on an IVA?

mrcactus

So I am 4 months into my IVA now and so far all is going ok.

I was wondering if I was allowed to get 'finance' while on it. Basically I would like to do my HGV licenses but as in total it costs around 2-3K to do this, there are companies that offer these train now, pay later plans.

I don't know if that is classed as finance or borrowing and I've looked through the t&c's of my IVA and can only see the standard £500 or less borrowing limit. If you read my previous posts you will see that I do have some disposable income to do this but obviously don't want my IVA to fail etc.

I would call my IVA company but they are impossible to get in contact with. I tried for 3 days in a row and am placed on hold before the call cuts off.

Any info would be much appreciated. Thanks

Mermaid89

99.99999% certain it would be classed as additional credit and therefore not allowed.

sourcrates

Hi,


Standard IVA terms state that you cannot borrow more than £500 whilst you are living under the terms of an IVA, without express permision from your IP.


In reality, it matters not one jot what the IP sayes, as you will be declined anyway as you are insolvent and have an IVA on your credit file.

foxy-stoat

Forget about taking out credit for the next 4 years and 8 months.

PrettyKittyKat

The IP 'may' authorise it if you say that you will use your allowances to pay for it / 50% of additional monies and that once qualified you will be paid more so your IVA payments would increase.... however there would have to be certainty of you passing and getting the pay increase, which I would imagine would be hard to prove unless your current employers would give you an automatic payrise.