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dawnlougib
Starting Member

3 Posts

Posted - 20 December 2014 :  18:11:39  Show Profile
Hi everyone. I am currently in an iva which is due to end in august 2015. the problem is that whilst in the iva I have occured more debts with catalogues which I know is stupid and believe me I beat myself up about this every day but when my kids dad went I couldn't get by and it just escalated. As I said my iva is due to end next year and have been managing to pay the catalogues and the iva. i have stopped using the catalogues and am trying to get them paid of but there is alot on them. Any way I need advice as I am scared that with my iva so close to ending what will happen if my creditors find out I have more credit. I really need advice as everyday I am panicking and suffer anxiety and am on medication for depression please help

d gibson

Amy Jellings
Debt Diva Expert



110 Posts

Posted - 20 December 2014 :  22:56:50  Show Profile
Welcome to the forum dawnlougib.

I guess the technical answer is that your IVA probably contains a clause prohibiting you from further borrowings over a certain amount. If you've exceeded that you may be a little exposed.

I doubt that your existing creditors or IVA supervisor will be looking to catch you out on this subject though, unless they were to gain a reason to do so.

Hopefully you can carry on working through your IVA and get it completed next year.

Amy Jellings
Bright Oak
Debt Advice & Debt Management
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dawnlougib
Starting Member

3 Posts

Posted - 21 December 2014 :  17:26:26  Show Profile
Thank you for reply. I have exceeded it a lot and like I said I knock myself about this every single day and am now trying so hard to sort it out. My iva has been extended by 6 months to pay of arrears that happened when it was separated form my ex partner name.
Also I got a letter yesterday saying hat it is my annual income and ex check but I went through one in august when it went to my creditors for variation . The variation was accepted and i was told to adjust my standing order to pay out for an extra 6 months which will be august next year to cover the arrears then my iva will end but why are they now saying that I need to another one. my circumstances haven't changed and like i said I went through one in august.
i am worried they may want to extend it even further.

d gibson
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dawnlougib
Starting Member

3 Posts

Posted - 21 December 2014 :  17:28:53  Show Profile
My only income is benefits so if they fail my iva i will have no choice but to go bankrupt would they do that at this late a stage?

d gibson
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Amy Jellings
Debt Diva Expert



110 Posts

Posted - 21 December 2014 :  18:51:25  Show Profile
Hi again.

It doesn't sound like you have anything to fear from a review of your income and expenditure? You could call them to check that this isn't an error given the recent arrangement put in place though.

You'll appreciate that I cannot tell you that your IVA will not be failed given that you've breached the conditions. I doubt that your IVA provider or creditors will proactively be looking to check into your more recent use of credit though.

Amy Jellings
Bright Oak
Debt Advice & Debt Management
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