Hello, i have a couple of outstanding family debts.
1. for £14,000 approx (she adds 2% interest on outstanding balance end of each year)
2. for £200.
3. for £180
I don't want to include these in my Iva because number 2 & 3 are not really bothered when they get their money back if at all.
However number 1 is with my mum - a debt that will die with me whether i pay it or not (shes already told me this) it was a joint loan i took out with my ex husband to pay of our debts, however he paid off his debts and took the rest and has never paid a penny towards this debt. I don't want her included as she will get a list of all our debts etc and i don't want her knowing anything about my financial situation, or what happened in my previous marriage - i feel like a failure already i don't need here adding salt to the wound. Citizens advice bureau had a look at the contract that she drew up herself and said it wouldn't stand up in a court of law as she never signed it, or got a witness to sign it.
My advice would be to talk this through with a number of IP firms and see what their advice is.....your mum should be included in my opinion, however I fully understand you not wanting her know the full extent.
If you mum does not expect payment or accepts that the debt will not be paid maybe there is a way round this but the likelihood is that she will be expected to sign a disclaimer saying she accepts no payments will be made for the duration of the IVA to allow your other creditors maximum return.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The problem then is that she will want to be included in the iva - one to be nosey and pass judgement and the other to get some money, but it wont be enough and she wont like the fact that the majority of it will be written off at the end of it all. Legally yes shell agree - shed have to if she wants the money however it will never be written off when the iva finishes in her eyes!! because i will never have paid it all back!! I really dont want her included - im already signed up with Mel.
spanna - have a chat with Mel and her team on this to decide the right way forward ...they will be able to give you professional advice and I am sure they will have experienced similar in the past. We can only pass on our opinions and I would hate us to confuse the situation for you.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I don't think she will do but that is something to ask your IP about. I see who all my creditors are but don't know if they can see what else is being paid out.
We ought to discuss this off-line Spanna - but you have to make an honest declaration to all of your creditors and this includes your family debts. Family can be tremendously important when you are struggling financially, and I am sure that your Mum will want to help if she can.
Hi Mel can i ask have you got a direct email that i can get hold of you through? Have looked through all my paperwork and cant find an email address for you specifically...
If you e-mail me via my contacts page on here - it will trip through to my personal e-mail. I am not allowed to post my private e-mail on this site unfortunately.
