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
You may not be able to get an answer about the loan from your family until the creditors meeting - as they may have the final decision as to whether the loan can be paid through the iva or as a separate payment.
You may also have to provide any evidence of what the money was spent on and any receipts.Was the money transferred into your account by the person who lent you it.
All this would back up your case for including them either in your iva or paying them out of expenditure.
Hope it all works out for you Adella-it does sound an awful situation to be in.
Last edited by andrea1968 on Wed May 11, 2011 4:48 pm, edited 1 time in total.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Hopefully a prospective IP can help out - they should know how these things will work.
Keep us informed Adella, and we're always here for you.
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
You're not doomed Adella! Speak to your prospective IP, contact your mortgage company and/or speak to land registry.
Leave no stone unturned!
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
Adella-sorry I didnt mean to frighten you-do you pay the standing order to your family member or directly to the company-if all the dates match up for the payments of the loan then you may have a good case to put forward-especially if you pay the loan direct.
Good luck-We all remember how frightening it is when everything feels like it is out of your control.
Do take more professional advice and I know there will be a solution for you.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Not at all, I need the facts, just struggling to find out where I stand on that one. Obviously it's a tricky situation being family and all.
My court date for my re-possession order is 1st June, so there isn't much I can do there, I dont know where I stand with the shortfall situation, so in the meantime I am concentrating on finding out how the loan is taking into consideration and whether I will be forced not to pay, which I feel should not be an option, I am affording it fine, it is the shortfall on the property which will tip me over.
If only I can find out how they would look at the loan amongst other things then I can stop banging my head against a brick wall!
I am very lucky to be in a rented property right now, I know there are people going through worse that are facing eviction
Hi - I think the loan will most likely end up in the iva for dividend purposes as all unsecured borrowings must be included. Leaving out the family member for full repayment at the expense of the other creditors would be preferential which isn't allowed. However, there's nothing to stop you repaying extra to your family from your allowances. I manage to squeeze £50pm for my boyfriend out of mine.
Hi Adella.
Is there any way your partners mother would be able to afford this loan by herself?
I only ask because I just think that this will be seen as preferential treatment and as such you will be asked to stop making these payments. I know that isn't what you want to hear at all but something that you may well have to prepare yourself for.
You can always try and pay her back little and often through any money you might save from your allowances.
I know that each case is different and perhaps a solution can be found but it might be best to look at what you can do should this not have the outcome you wanted.
Please don't think me bad for saying this. I just would hate for you to get your hopes up too much.
Still hoping an expert will come along with some advice for you. x
How much are the payments for the loan a month adella-if they were low then you may be able to juggle your expenditure in an iva to cover them.
Me and hubby can afford to smoke(roll-ups) have the odd night out-save a little for christmas and birthdays-all within our agreed expenditure.
There will be a solution adella-hang on in there!!!!
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
