I CAN'T BELIEVE IT!

[shuli_b]

I CAN'T BELIEVE IT!

I've been reading other forums on here about people wanting to hide debts and something about loop holes in the system. i'm just amazed that these people have no intention to pay back all the money they borrowed.

an iva is like a second chance to make things right, why would anyone want to jepordise that?

i'm curious to know, just say these people hid some of their debts, what would happen if the IP found out, how would the IP find out?

i'm assuming their iva will fail.

these people need to know before they do something they will regret later.

[Max]

You are absolutely correct - 1st degree honesty is required of a debtor with an IP - once trust departs it takes a long time to rebuild it- if ever

[ivas4us]

Yes you need to be honest with your IP. I think the post you may have seen was where somebody did not disclose thier partners debts but they were not going to be part of the IVA.

[MelanieGiles]

IPs are never happy when things come out of the woodwork that we don't know about. This is why the process in my firm may take slightly longer than with others, but we strive to get it right from the beginning, do our research and work with our clients - thus we find very few instances of missed creditors or other information thankfully.

[MrPrids]

I wonder if it's so strange?
As IVA's (like anything) become more commonplace don't they become somewhat devalued - no longer an essential lifeline but merely another option to be tailored to the user's requirements?

I can't believe the national psyche has fundamentally changed.
The easy credit that allowed us to buy the car, the tv (the boat??), whatever, is still with us, and those cars, tv's and boats are getting old now, and we want new ones..

[David Mond]

I agree with you shuli b - we have had one or two cases where more debts have come to light and sometimes it was because of an oversight and it has been included within the existing arrangement or included by reference to a variation and sometimes we have failed the arrangement and the debtor has to realsie that he has committed a criminal offence - not for the faint hearted and debtor's should be aware that certain creditor's will seek a criminal prosecution.

[shuli_b]

I'm not being judgemental, as i do not know the circumstances behind peoples intentions.

To Ivahunter:

your husbands debts are his own, you are not liable for it, especially as you are saying that it was taken out for a third party. the reason i tell you to be honest is because essentially the debt is in your husbands name, regardless of what or who it was taken out for. if for whatever reason the other party stops making payments then what will you do?

it best to be honest.

i don't know if your chosen IP may be able to find out, especailly as your husband is not entering an iva, but as he is unemployed, obviously when he gets a job he will have to contribute to household expenses aswell as his debts, then this maybe a problem as your creditors would expect him to contribute because he may have benefitted from your debt.

[shuli_b]

i'm so silly, just realised i've sent a message in the wrong thread....

[shuli_b]

in have another query, i'm just curious:

if only one spouse in interested in an iva and the other spouse is not entering an iva, does the IP look into if the other person has any debt?

[kallis3]

I don't think so - the other persons debt is their own.

[MelanieGiles]

The IP will want to know if the non-insolvent partner has any debts, to see if they can afford to maintain them without the support of the insolvent partner. So yes this is something we need to be aware of.

[kallis3]

Ooops! My apologies Melanie, I didn't think they would need to know.[:I]

[Adam Davies]

Hi
The whole picture needs to be given to whatever company that you decide to use, do not hold anything back.
You do not want to be a year way through your IVA and then it fails due to a non disclosure as you will be back to square one with the same debts, if not more, that you started with.
Regards

[Max]

Given the legal status of an IVA I would have thought non disclosure to be a criminal offence - it is certainly a stupid thing to contemplate let alone do. Would not such action put an IP in a difficult position if such a non disclosure came to light? The creditors surely would likely ask why the IP did not find it in the first place.

[kallis3]

If you had not disclosed a credit card and were able to continue making minimum payments by using money from your allowances, would your IVA company find out?

I hasten to add that I haven't done this![:D]

Just curious.