Offers from friends and family

[whichwaynow]

some one I know at work is trying for a F&F IVA. They have been told that their offer has a fair chance of being accepted. If it is not accepted one of thier family is prepaired to give them about £10000 to help get the IVA accepted. Do the creditors just look at the money side of things or does the fact that some one who is not responsible for the debt but is prepaired to help pay make a diffrence ?

[Sadsack]

Hi

The creditors will not take into consideration where the money is coming from - as long as this person shows that the money they are putting into the IVA (money from family) is going to be repaid with the money they would have been paying into the IVA on a monthly basis.

I am not an IP, but I am sure that one of the IP's who regularly post on here, will be on here in the morning to answer your question and correct me if I am wrong.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[MelanieGiles]

Creditors will take note of the third party contribution, as this is money which would not usually be available to them or payable under bankruptcy proceedings.

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

[Oliver]

Someone offering to pay money into an IVA on behalf of someone else is looked at favourably by the creditors as this money would not be accessible through bankruptcy.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[whichwaynow]

Thankyou for the advise I will let them know.