my parents have helped me out

[liz_]

Hi!

I have Approx: £50,000 of unsecured debts, however it is slightly complicated in that my parents have helped me out and some of the debts are in their names, so will i need their signatures to go through the iva process?
If so will they also have to accompany me to any possible meeting if signatures have to be done face to face?
Regards

[MelanieGiles]

Hi liz and welcome to the forum

The debts taken out by your parents are unfortunately debts that they are responsible for and will have to continue paying. In turn, they are creditors of yours, but as "associated" creditors by nature of their relationship to you, they may be asked to step aside for dividend purposes if you were to enter into an IVA - ie forego their right to receive a payment.

They will not need to accompany you to any meetings.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk