www.iva.co.uk

i have 22,000 of debt. but have been worried about doing one of these because no one can answer the question of, if i do an iva will my mum come in too this as she is a person on my loan to help me too get it? does it affect her?

hi devil and welcome. are you able to specify the loan you have with your mother ie secure/unsecure and is this one she has taken out for you or one you have done together ?

If the loan is in your mother's name or even in joint names with you and your mum then she will be liable for the full balance of the loan and the creditor will be free to chase her for it.
Although, it would be included in your IVA. They wouldnt get paid twice, your mum would only be required to pay it untill the balance is paid in full between her and your IVA.

It sounds as if your Mum has guaranteed the loan - would this be correct? If so, when you enter into an IVA or any other form of debt solution, the finance company will have the right to pursue her for the ongoing payments or a full repayment of the balance if the account is in default.

thank you guys and girls. so an iva isnt for me then cheers