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Posted: Tue Jul 19, 2016 5:14 pm
by Ali.k
A THIRD PARTY SUM EQUIVALENT TO 85%OF INTEREST IN THE PROPERTY. MY FIRM IS SAYING THIS IS A FAMILY MEMBER WHO CAN PAY THIS MONEY. DO YOU THINK IT CAN ALSO MEAN SELECT FINANCE.BECAUSE I DONT HAVE ANY FAMILY. AND CAN I ASK FOR THIS WORDING TO BE OF MY PROPOSAL g
Posted: Tue Jul 19, 2016 5:29 pm
by kallis3
I don't think I would say that you are borrowing the money from an outside source if you are already in an IVA - you would need permission from the IP for any credit over £500.
Why not just let the IVA run it's course?
Posted: Tue Jul 19, 2016 5:47 pm
by Foggy
Some firms have tried to interpret it this way, but have backed down when challenged on the grounds that, if it did mean secured lending, the IVA Forum (not us by the way) would not have thought it necessary to include secured lending as a specific option in the revised protocols (2014 and later).
You can ask for any wording to be included, but both your IP and creditors will have to agree to it.
Posted: Tue Jul 19, 2016 5:52 pm
by kallis3
Of course don't forget that Alik appears to be at the start of an IVA so I don't know how this would affect it.
Posted: Wed Jul 20, 2016 3:31 pm
by Michael Peoples
If you are borrowing from family or Select this is usually acceptable to family. You may qualify for an extension rather than needing to borrow so your IP should be able to advise.