www.iva.co.uk

Hi,

Me and my partner are currently considering applying for an IVA as our income cannot meet the payments on our debt. Our total unsecured debt is around £40,000. I think I'm starting to understand the process involved but cannot find much info on a loan from an employer. My partner has a loan of about 6k with his employer which is paid directly out of his wages every week £40. Its a private loan I guess? which hasn't been credit checked or anything. Would this loan have to be included in an IVA? As if his employers found out it could compromise his position in the company and his job. The loan would be paid in 3 years so would the creditors possibly take that into consideration that after the 3 years the extra can be paid into the IVA? Sorry for long post!! been going crazy all weekend thinking about everything!

Hi and welcome.

I believe this would have to be included as it is unsecured debt but I am sure if you explained the position your husband is in to an IP then you may be able to come to some arrangement.

Speak to an expert - visit www.iva.com for a list of companies and reviews and give one or two a ring for some free advice.

Hi Annierose - welcome to the forum. It is possible to keep the employer loan our of the IVA as long as it is paid directly from wages. This is a special circumstance that justifies the exclusion.

Once you have spoken to a couple of companies you can discuss your options and look at the implications of each. By the sounds of it you are already quite educated on the process from all your research so this always helps but a good company will advise you on everything anyway as we never know what info you have got from where!

Regards,

I would imagine that a decent IP could push through an IVA where a loan from an employer was allowed to be paid outwith the IVA. I would ensure that whoever you speak to lets you know in writing how the loan from the employer will be dealt with so you dont get a nasty surprise when hubby gets dragged into the bosses office to explain himself.

Paul

Good luck annierose let us know how you get on. hugs
Oscar

Good advice from Tina above. You learn something every day! Good luck with sorting out an IVA. I can only add that it's been the best thing I could have done and although not a walk in the park, we are so much happier in the IVA I can only encourage you both to continue to take stock and sort out your debt probs.

Thanks for the advice everyone! Its been great to come across this forum!

Hi Annierose. I had an intrest free loan from my employer and they deduct £25 per month directly from my wages. When we applied for the IVA this was taken into consideration, as not paying it could have caused problems for my employment. It was written into the IVA agreement that when the last loan payment was made in month 13 of the IVA our payments would go up an extra £25.00. The creditors agreed with this and it has been fine.