www.iva.co.uk

can you choose your creditors on a iva

Hi and welcome.

I'm afraid that all of you unsecured debts have to be included in an IVA. Secured debts are included insofar as you will be able to continue paying them outside of the IVA.

If you are having problems then I suggest you speak to a professional. Visit www.iva.com for a list of companies and reviews and give one or two a ring. You will receive free and impartial advice about all the options open to you.

Good sound advice by Kallis and a great link as a starting point. Welcome to the forum from myself too and there will be a solution for you if you're experiencing problems so do contact 2 or 3 just to ensure you receive impartial advice. All the best. x

Hi - you do need to include all unsecured creditors including family and friends. That said, my boyfriend asked not to be included so I pay him in dribs and drabs saved from my allowances. This isn't really satisfactory for either of us and with the benefit of hindsight, I would rather he was included in the IVA to receive a dividend and the at the end of the IVA I would then be in a position to pay off the balance.

All creditors should be included into the IVA from a strictly legal position and also to ensure the balance of fairness.

I agree, but if you really wanted to pay a particular person back for example if they are family you could agree to pay them outside the IVA once it is completed.

I'm not in that boat, but once it's finished the money is then yours to do with as you like, so paying them back then I would not have thought would be a problem.

I think that's what usually happens. Of course as stated they can be included and receive a dividend.

If you are intending on paying back that person in full at the end of the IVA - and I can understand why you would want to do this - then at least reduce the exposure to that by including them to receive dividends for the duration of the IVA as Jan suggests in her post.

i was told that i could not include the debts of £2500 and £1100 to my daughter and a good friend is this wrong ?

It most certainly is. The only people who can ask for those debts to be left outside the IVA are the creditors themselves, and your good friend is not an associate of yours in any case. Who provided you with this advice?

it was the company that i am with now for my iva they told me that as i did not have statements with sums ect on them they wouldnt include them, i have been doing overtime for the last 13 months purely to pay back these debts !!

That is pretty poor advice to be frank.

Hi - if you want them included, you should speak to your IP again. It can be difficult to verify these types of loan but a bank statement showing the transaction may suffice. You may have been advised to leave these out because of the lack of paperwork. Worth another chat though x

im really cross now because i struggle to pay them i pay by bank transfer each month so the transactions are on my statements and i will be ringing DFD in the morning

Hopefully Declan will pick up on this during today, he will certainly get things sorted for you.