Can personal debt be included in an IVA

[helen-e]

Can personal debt be included in an IVA (money owed to a family member)?

[Adam Davies]

Hi
Yes it must be included in an IVA but the family member will be unlikely to be included in the dividend payout.They will, however,have an important vote at your creditors meeting.

regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

And your IP will need to make it clear in the IVA proposal that this is an "associated" debt. I am seeing less exclusions of associated creditors these days generally, which is absolutely correct.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[nathan_mitchell]

I wanted to ask the same question, i currently owe £32k, and another £6k to my parents

So i now understand that i can add this into the form i should receive from my IP? - and that will allow my parents to also 'vote' at the creditors meeting?

Will they be required to attend in person or is this actioned over the telephone?

Nath

[MelanieGiles]

No - your parents will merely be required to submit their vote by post.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk