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Hello - my first post.

I have serious debt and am considering an IVA as the only way apart from bankruptcy to have a light at the end of a tunnel. Outgoing at the moment on loan/credit card repayments are only £250 short of what I take home, so the CC debts just rise and rise just to live.

I share a car with my mother. Two years ago she loaned me £6000 as 50 percent of the car cost, obviously expecting it to be paid back. She has very little money saved and survives on the goverment minimum pension.

My question is, if I sell my 50% of the car to her to repay the loan she gave me, before I apply for an IVA, would I have to declare that to my creditors, or would they seek any money from her.

Hope someone can help me

Alan

Hi Alan and a warm welcome to the forum

You would be effectively preferring your mother over the other creditors, and how will you manage without a car?

I would not recommend this course of action, but of course do sympathise with your mother's position.

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

Yes, I can understand that. Perhaps she would wait until the end of the IVA for any monies not repaid through the IVA as a creditor.

How far back will I need to provide bank statements / loan statements etc?

There is a wealth of information on this site. If I decide to go ahead is it possible to deal directly with you as an IP??

Thanks

Alan

Hi Alan

If you would like me to represent you, please make contact with me via my website as detailed below.

You will need to provide bank statements for the last three months, and your most recent creditor statements of account.

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