Please help, just another thing to add to my dilemas!
A family member took out a bank loan in order to help me consolidate mine, this is over 5 years, however it was to enable me to rent privately due to leaving the joint home with my ex partner (see my other post!)
I've been thinking about my options since some of the people responded on this website very kindly and if I were to go down the IVA route, or bankrupcy would this affect the person who took out the loan, would thier credit rating be affected as I would really hate that to happen.
If so it looks like I will have to stick it out and hope for the best!
Hi Adella - if the loan was taken out in the other persons name - then they are fully legally responsible . Does this family member know of your situation ? Do you make the Loan repayments youself or do they and you pay back?
Sounds as if you may need to discuss this with the IP you choose.
Sorry i dont really have a more postive answer for you - but i am sure there is a way - without causing issues with the family members credit rating
Last edited by ginger3232 on Tue May 10, 2011 1:00 pm, edited 1 time in total.
Yes they are aware of the situation and are worried as I promised I would pay it and it has always been affordable as it consolidated a fair bit of debt I incurred, this was to enable me to move into my rented property with my daughter and partner.
They took the loan out with thier bank, it goes out of thier account, but I have a standing order set up every month and have never missed a payment to date, I could never let them down now I never saw any of this coming!
Adella - rant all you like hun its what we are here for!
But please get phoning some of the companies up in the link above, Im sure they will be able to shed some light on your situation, then you will know where you stand.
We do have experts on here whom will be able to advise also, so keep checking as Im sure they will be along soon.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
Hi Adella.
I echo the advice given above. Ring some of the companies and see what they say. It might be that your family member could perhaps be treated as a creditor but I am not sure of this.
I have been exchanging emails with one particular company who have said that the loan couldn't be taken into account, not sure how true that is, if it is true Im in so much trouble! I couldn't afford to live, might as well quit my job!
I don't like moaning honestly, I am just so dissapointed in myself that I could let this happen!
Waiting for the reposession order then wait and see what happens next
Debt is so stressful & we have all felt the same as you in the beginning, but your taking the right steps to sorting it out & your in the right place for support on the forum.
I really feel for you & we do understand how you are feeling, Im hoping one of our Experts is going to pick up on this.
Please hang on in there & we all need to let it out at some point x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
The loan won't go into the IVA BUT you may be allowed to continue payments outside of that. I know of someone whose relative has taken out finance so she can get a car and these payments are factored in and once they are finished that money will go across to the IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I agree with Kallis - am sure there will be a way round it for you - speak to a few companies and go with the one that you feel most at ease with - as others have said use www.iva.com to source the different companies and then make a decision to move forward with this - they will be able to help I am sure x
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
