www.iva.co.uk

Hi there, I currently have a debt of 25k which includes 2 credit cards, a loan of 18k n a catalogue account of 1k. I am seriously struggling to pay back these debts to the extend that i now have debt collecting agencies chasing me. I want to try to do a IVA but the only problem i have is that my dad is a guarantor or joint name on my loan which is the biggest part of the debt. I would like to know, is there a way around this or can i still try to do the IVA with him as the joint name but be responsible for all the debt as it is mine and he hasnt paid anything towards to repayments? Just wanted to know what the best thing to do is??

Hi Emzy. Unfortunately your father will be liable for the debt regardless what you do as his name is on the agreement. You would have to inform him of the IVA and creditors would almost certainly pursue him for the full amount. He will probably need to seek some advise too.

This is always problematic when creditors have asked for third party guarantees. Would your father be in a position to meet the ongoing payments if he were required to?

Given the circumstances a DMP might be possible, and the creditor may not pursue your Dad, but best to be prepared for this to be on the safe side.

Thanks Melanie. That was what i expecting to hear.
No my dad cannot afford the monthly payments as he has his own debts
and a mortgage after divorcing my mum 3 years ago.

I wouldnt expect him to pay it anyway as it my debt not his.

I would be very interested in the DMP then. What is the best way to this?

Many Thanks

Emma

I would suggest you contact a DMP provider for further information - there are several companies who post on the forum as experts if you look at that section of the site.

Visit www.iva.com where you will get reviews on practitioners that do both IVA's and DMP's their advice if free. Good luck.

Hi emzy7985, welcome to the forum. My Dad took a loan out for me too so I can imagine how you're feeling. Speak to a debt advisor as soon as you can and please keep posting.