Hey Sarahdm, welcome to the forum. My Dad was a creditor and was listed along side all my others. Your family member may be asked to stand aside for dividend payments though. Could he/she wait until after the IVA for you to pay them back? How much did you borrow and how much are your other debts? X
Hi
You could look at an IVA but as Vicki has said your family will have to stand aside for the five years although they will still have a vote in your IVA.
Regards
Hi
You can for 28k but you will not be able to make payments on the family debts whilst in an IVA.
Have you considered a Debt management plan instead ?
Regards
Hi
It's an informal plan and may allow you to repay your family at the same time,it will reduce your payments but you will have to carry on paying until your debts are paid in full or until your circumstances improve and you can deal with your creditors yourself.
Regards
Family debts do not always have to be set aside under IVA proceedings. I have done several IVAs recently which have included family debts which were clearly disclosed as such to the other creditors.
Hi Mel
Do they receive a dividend from the IVA ?
Would it be fair to say thay most family debts are set aside during an IVA and they do not receive any dividend,or not ?
Regards
Yes - so long as they have not been asked to step aside. In my experience it is probably more likely for them to be asked to be excluded, but this should always be at the request of creditors and not the instructions of the IP - unless the client and the family member so wish for them to be excluded and provide specific instructions in that regard.
