Hi, Can you enter a debt into the IVA that was not initially included ?

[Gina.gu]

Hi,the above is correct. This happened to me on our first iva although the loan was ours and it was secured to our property. It could not be added to our iva so in the end we gave up our house as we simply couldn't afford it even with the 15 per cent reduction our ip gave us.We then carried on the iva with the secured loan then being added to the iva as an unsecued loan. I don't think there is anyway to get it added on your iva unless it is unsecured as we tried everything. Also we were told the legal stance on a unsecured loan for someone else was that no matter what the reason or if the other person admits it is theirs we still had to pay it as it was in our name. Maybe as its secured that's why your ip wasn't bothered about it as it has to be paid outside of the iva. I would speak to your ip for advice.

[James Falla]

Hi Chelsea

If the loan in question is secured against your home, then it must continue to be paid. As it is secured, you can not add this loan to your IVA as if it is not paid then your property will be at risk of repossesion. You have got to make sure the third party who origionally took the money understands this and continues to make the payments. Unfortunately you cannot divert money from your IVA payments to pay the loan yourselves. If you do this the IVA may itself be at risk of failure which could then jeopardise your house if your IP decided to declare you bankrupt.

[Gina.gu]

Hello james, can chelsea not ask for a new income/expenditure form from her ip as they knew the situation and maybe ask for a 15 per cent reduction in payments as really the loan should have been on the income and expenditue in the first place as it is in her name?