Borrow from family

2 posts Page 1 of 1
Post Reply
 
 

caraf

User avatar
Posts: 645
Joined: Sat Nov 24, 2007 10:25 pm
Location: United Kingdom
Post by caraf » Mon Jan 21, 2008 3:24 pm
Quote
Can you borrow money from close family and pay it back next month out of your contingency fund ??
53 down 7 to go !!
Cant wait till December 2012
Top
 
 

pbeck

User avatar
Posts: 276
Joined: Fri Jan 04, 2008 11:12 am
Location: United Kingdom
Post by pbeck » Mon Jan 21, 2008 3:29 pm
Quote
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
Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist since 1996.
Top
Post Reply
2 posts Page 1 of 1
Return to “postings for january”