Can a family member take out a loan to pay off my IVA with a F&F settlement ?

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Leia.h

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Post by Leia.h » Sat Jul 04, 2015 9:12 pm
Hi I have an IVA and a family member has said they will take a loan out so we can make a full and final settlement offer, can a family member take out a loan to repay the IVA or will they not accept this
 
 

Foggy

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Post by Foggy » Sat Jul 04, 2015 9:18 pm
As long as the money is from a third party there would be no objection. But the timing would have to be carefully worked out so that the family member isn't stuck with a loan if the creditors refuse the offer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

MrsR

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Post by MrsR » Sun Jul 05, 2015 7:37 am
They sure can do this.

My iva concluded with a F&F from a family member, and they were going to take out a loan to do so, although didn't need to in the end.

They had to get the loan approved in principle by the bank and receive the paperwork that is needed to be signed, and use this as proof, along with a letter stating that they were paying it off for us.
The loan details were valid for 28 days, so when we spoke to Creditfix, they told us our meeting date so that we could check the paperwork would still be valid, as it was a few days before that it would' 'expire', the bank simply told us to call and do a new claim if needed.

Good luck !
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!

Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA :)

Completion Certificate received- 30th April 2015!!
 
 

Lisa Thomas

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Post by Lisa Thomas » Mon Jul 06, 2015 10:04 am
Hi Leia - Yes but I believe they should take care not to damage their own credit limit by making applications that they may then not use, or might be rejected. There are other advisers on here who specialise in this sort of thing - hopefully they will comment about the practicalities of obtaining the loan for your family member. Mrs R's advice above is good.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Adam Davies

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Post by Adam Davies » Mon Jul 06, 2015 10:17 am
Hi

As others have said make sure your offer of a full and final is accepted by your creditors before the family members takes the loan out

Good luck

Regards
Andam Davies
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