A THIRD PARTY SUM EQUIVALENT TO 85%OF INTEREST IN THE PROPERTY. MY FIRM IS SAYING THIS IS A FAMILY MEMBER WHO CAN PAY THIS MONEY. DO YOU THINK IT CAN ALSO MEAN SELECT FINANCE.BECAUSE I DONT HAVE ANY FAMILY. AND CAN I ASK FOR THIS WORDING TO BE OF MY PROPOSAL g
I don't think I would say that you are borrowing the money from an outside source if you are already in an IVA - you would need permission from the IP for any credit over £500.
Why not just let the IVA run it's course?
Last edited by kallis3 on Tue Jul 19, 2016 5:29 pm, edited 1 time in total.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Some firms have tried to interpret it this way, but have backed down when challenged on the grounds that, if it did mean secured lending, the IVA Forum (not us by the way) would not have thought it necessary to include secured lending as a specific option in the revised protocols (2014 and later).
You can ask for any wording to be included, but both your IP and creditors will have to agree to it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Of course don't forget that Alik appears to be at the start of an IVA so I don't know how this would affect it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you are borrowing from family or Select this is usually acceptable to family. You may qualify for an extension rather than needing to borrow so your IP should be able to advise.
