Could I include 2 credit cards in parents name that I alone have been using in an IVA ?

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Scott.phillips01

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Post by Scott.phillips01 » Tue Jul 01, 2014 3:09 pm
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I am considering an iva, I have a bank loan but I also have two credit cards that are in my parents name, I have been the only person to use the cards. If I went into an iva could I include those two cards?
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Michael Peoples

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Post by Michael Peoples » Tue Jul 01, 2014 3:21 pm
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Unfortunately not. You could include your parents as creditors for the money used but they will be liable for repayment of the credit card debts.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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Heretoday

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Post by Heretoday » Tue Jul 01, 2014 10:32 pm
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As an uneducated suggestion, you could consider not servicing your other debts and paying as much as you can off the cards in your parents name over the next couple of months? This would have to be prior to entering into an IVA.
7 years after starting an IVA I finally received a completion certificate from ClearDebt
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MelanieGiles

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Post by MelanieGiles » Wed Jul 02, 2014 12:04 am
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Is the bank loan your only other debt, apart from your parent's credit cards?
Regards, Melanie Giles, Insolvency Practitioner
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