Posted: Mon Jan 21, 2008 3:24 pm
Can you borrow money from close family and pay it back next month out of your contingency fund ??
Your contingency fund is meant to cover unexpected things, if you were to repay family borrowings from that, then you'd probably have to borrow it back again when something went wrong. After all, your IVA budget will be pretty tight and there won't be much slack for economising elsewhere.
I'm sure your IP will only be happy if any family borrowing is done on a basis that none of it is repaid until the IVA ends.
Philip Beck - www.freeivaadvice.co.uk
Licensed Insolvency Practitioner and IVA specialist