www.iva.co.uk

I currently have an unsecured loan, a CDL loan, two credit cards and an overdraft.
I also pay my parents £300 a month for a loan they took out in their name, but was for me (25k over 10 years). Would the loan under my parents name be accumulated to my debt total if I was to go the route of an IVA, because I pay it?

Hi Paul and welcome to the forum

You cannot include your parents' loan into the IVA, but you can include a loan between you and your parents for the equivalent sum. Obviously you will not be able to make monthly repayments to your parents with the IVA, but they will be able to get dividend payments alongside the other creditors.

Beware, your parents would only recieve a percentage of their loan back from you the same as your other creditors and as the loan was taken out in their name, they would still be liable for the whole debt.