During an IVA you can’t borrow more than £500 from any lender without asking your IP for their permission first. This includes:
credit cards
overdrafts
personal loans
payday loans (and other products from commercial lenders)
borrowing money from family or friends
Even if you get permission from your IP, you may find it difficult to borrow from many lenders, because your credit file will show the IVA and defaults on your existing debts.
You need to think carefully about an IVA because it can affect different areas of your life, including your job, home and your ability to get credit in the future. IVAs and credit rating
If you take out further credit of more than £500 without permission, you’ll be breaching the terms of your IVA.