www.iva.co.uk

I am very new - when giving details to ip, adv kids have sandwiches, not lunches. Whilst this is true - we only did this because we did not have money to spend. Is it ok to make changes? Also, for got to tell them about a debtor and also a family loan that I have. How do i go about repaying family?

you should be able to change I & E and add a debtor. not sure about family member may have to be classed as a creditor in the IVA. I'm sure Melanie will be along to put me right. Are you in early stages of proposing IVA

Hi appl,

As angela says, family members will be counted as creditors in your IVA and paid accordingly.

As family members who have loaned you money will count as creditors,they will most likely not see all their money back,as to pay them back a larger proportion of your income than your other creditors would be deemed unfair to them. Its never easy when you borrow off family(I know as have done it plenty of times).
Could you possibly pay back the loan to your family before you have started your IVA with the extra money you will have by not paying any creditors,though most people like to try and bank/save this money to start an emergency kitty??

If you are in the process of proposing your IVA to creditors it should be possible to amend areas of your expenditure - indeed it is important that you do get things right. As the others have said, family debts should also be included in the IVA as they represent valuable votes on the day of the creditors meeting, but you will need to provide evidence of these loans to your IP and the other creditors may well ask for them to step aside for dividend purposes - a little unfair if the monies were genuinely loaned on the basis that they would be paid back.

I think it is understandable for Creditors to be sceptical of informal "family" loans in an IVA - especially if they suddenly appear AFTER the IVA has started.

It would perhaps look untoward and who keeps a record of a family loan?? I have borrowed from my Nan but paid it back,no evidence to say that I got money or not.