struggling with my finances and considering iva

[kerry.h]

I'm struggling with my finances and am considering an IVA, can you confirm how long the process takes. I have 2 loans, 2 credit cards, 3 catalogue accounts and a payday advance, I also owe my fiance money but wasn't sure if this can be included as do not want him being contacted and one of the loans is mine and my mums name, would she be informed of the IVA as the monthly payment comes out of her bank account. I look forward to hearing from you. Many thanks

[MelanieGiles]

Hi Kerry and welcome to the forum

So long as you have all of your information readily to hand - such as creditor statements of account, loan agreements, wageslips, property rental agreement, council tax account, property valuation, mortgage redemption statement, HP agreements and anything else relative to your case, and IVA should be able to be set up within 4-6 weeks of you seeking advice from an IP.

You will need to disclose your family debts to the IP, but if they decide not to be included then they can be left out - but you will not be able to repay them any money in the future.

With regard to the joint debt, if you enter into an IVA the creditor is likely to pursue your mother directly, and if she is continuing to make the payment in any case this should not be a problem.

[Viki.W]

Hey kerry, welcome to the forum. You're in a great place for advice and support. Unfortunately the loan in your Mum's name would still have to be paid by your Mum, it couldn't be included in the IVA. You can include your fiance as a creditor but he would need to be contacted and may not receive a dividend. You might want to discuss this with both of them, maybe they could wait to be repaid after your IVA has concluded.

There are many other options that you really need to have discussed with you so I recommend you speak to an IP so you can move forward. Good luck and please wait for an expert. X

[LoneRanger]

Hi and Welcome

Im fairly ceratin that the debt to your fiance would have to be included in your IVA. Like wise the loan you owe with your mum. You would not be able to exclude any unsecured debt.

[LoneRanger]

Sorry my advice wasnt completly accurate [:I]