Is it classed as a loan or does the family member offering a F&F payment have to 'gift' it ?

[Down and Out in Duki]

Hello,

If a family member agrees to lend me the money to pay off my IVA, is it classed as a loan or do they have to 'gift' it to me?

[Michael Peoples]

It can be either and is up to you. The money would be offered solely on the condition that it is accepted as full and final so it is then your business as to whether it is repaid or not.

[Adam Davies]

Hi

I would put it forward as a family loan with you using your disposable income to repay the family member after the IVA is concluded. As Michael states make the condition that the loan will only be available if used to conclude your existing IVA

Good luck

Regards

[luluj]

Sounds like you have very supportive relatives ... hoping it will works out for you x

[MelanieGiles]

We always treat these as loans, therefore removing the need for creditors to insist on ongoing payments as well has having the lump sum.