www.iva.co.uk

Hi

Please help, just another thing to add to my dilemas!

A family member took out a bank loan in order to help me consolidate mine, this is over 5 years, however it was to enable me to rent privately due to leaving the joint home with my ex partner (see my other post!)

I've been thinking about my options since some of the people responded on this website very kindly and if I were to go down the IVA route, or bankrupcy would this affect the person who took out the loan, would thier credit rating be affected as I would really hate that to happen.

If so it looks like I will have to stick it out and hope for the best!

Thanks again for everyones support

Del[:)]

Hi Adella & welcome to the forum from me.

Im not a 100% on this one, but someone on here will be able to advise you, so please hang around the forum.

Sorry Ive not come across your earlier post but Im sure we will be able to help, I will keep a check on this post to see what the answer is x

Thank you MrsKnight

Everyone here is very helpful and friendly

phew!

Del

Hi Adella - if the loan was taken out in the other persons name - then they are fully legally responsible . Does this family member know of your situation ? Do you make the Loan repayments youself or do they and you pay back?

Sounds as if you may need to discuss this with the IP you choose.

Sorry i dont really have a more postive answer for you - but i am sure there is a way - without causing issues with the family members credit rating

Hi

Yes they are aware of the situation and are worried as I promised I would pay it and it has always been affordable as it consolidated a fair bit of debt I incurred, this was to enable me to move into my rented property with my daughter and partner.

They took the loan out with thier bank, it goes out of thier account, but I have a standing order set up every month and have never missed a payment to date, I could never let them down now I never saw any of this coming!

Moan over! soz

And thank you

Del

Dont worry about the moan - i had mine already this morning with a utilily company

When you choose your IVA company discuss with them the best option for this !

I think I would pop over to www.iva.com and contact a couple of the companies to discuss the situation. There may be a solution.

Adella - rant all you like hun its what we are here for!

But please get phoning some of the companies up in the link above, Im sure they will be able to shed some light on your situation, then you will know where you stand.

We do have experts on here whom will be able to advise also, so keep checking as Im sure they will be along soon.

Hi Adella.
I echo the advice given above. Ring some of the companies and see what they say. It might be that your family member could perhaps be treated as a creditor but I am not sure of this.

Hi

I have been exchanging emails with one particular company who have said that the loan couldn't be taken into account, not sure how true that is, if it is true Im in so much trouble! I couldn't afford to live, might as well quit my job!

I don't like moaning honestly, I am just so dissapointed in myself that I could let this happen!

Waiting for the reposession order then wait and see what happens next

terrified is not the word!

thanks everyone x

Speak to a few more - get diffrent prespective on this !!

Debt is so stressful & we have all felt the same as you in the beginning, but your taking the right steps to sorting it out & your in the right place for support on the forum.
I really feel for you & we do understand how you are feeling, Im hoping one of our Experts is going to pick up on this.

Please hang on in there & we all need to let it out at some point x

Cheers I will keep everyone posted

This will be a big lesson learnt!

The loan won't go into the IVA BUT you may be allowed to continue payments outside of that. I know of someone whose relative has taken out finance so she can get a car and these payments are factored in and once they are finished that money will go across to the IVA.

I agree with Kallis - am sure there will be a way round it for you - speak to a few companies and go with the one that you feel most at ease with - as others have said use www.iva.com to source the different companies and then make a decision to move forward with this - they will be able to help I am sure x