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I am moments away from deciding on an IVA. This with Lloyds Bank and Barclaycard as the companies owed. I have opened a new a/c with another High Street Bank. If a family member loans me some money to help with the next few months, is it OK to deposit this in the new bank account or are the funds at any risk ?

Hi moshe and welcome to the forum

Are you saying you only have two creditors? If this is the case then an IVA is not likely to be acceptable. Do you have more than one debt with each bank?

Your third party funds are not at risk in your new bank account.

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

To appoint me as your IP visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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Welcome to the forum moshe,

You can deposit that money in your new account with no risk. If you only have two creditors then an IVA might not be a solution for you.

Regards,
Michelle P.

Welcome to the Forum Moshe,

On this forum we advise that individuals speak to at least 2 or 3 debt solution companies. This is so that any ill advice can be cancelled out.

If you only have two creditors it can be very hard to get them to vote, which is why a Debt Management Plan is usually advised for these situations. What is your Disposable Income?

Best Regards. IVA Experts

Hi Moshe,

If you are considering which IVA firm to appoint you might find our web site useful. We maintain a list of IVA firms and IPs. We also publish reviews of their services that have been posted by their clients.

You can also apply online for an IVA firm to represent you.

Good luck in finding the right solution.

Kind regards,
Terry Balfour
IVA.com

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