Can I include a loan my dad took out in he's name for me but he transfered all the money from the loan to my account ? at the moment I'm sending him the payments via standing order he then pays it from he's bank direct debit it's all in he's name so in the eyes off the loan company he's got to honour payments any advice on this one pls I've not included it in my iva package but they will probably ask why I've got a standing order going to fathers account each month 🤔
I am afraid that you will have to be upfront about these payments - the IP will want to know about these.
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
This cannot be included in your IVA directly. However, your father is technically one of your creditors, so your loan from him of the monies could be, but would need to be evidenced. This would mean that your dad will get back pennies in the pound, but would still have to pay the loan company the full repayment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You should have disclosed him as a creditor in your IVA. You will have to sort this with your IP otherwise you will likely find you are not going to be able to afford to keep up the repayments in conjunction with your contributions.
