www.iva.co.uk

Hello all,

I am new to this site and my goodness what a relief to find it!!!!

I'd like to ask a very problomatic question that is worrying me sick, I am an estate agent who's pay has dropped more than half thanks to this 'credit crunch' [:(] and because of this I am now struggling along really scared of what the future may hold....

I have debts of course but whats bothering me the most is I have some on my mums credit cards due to good balance transfer rates which if i do need an IVA will they be able to include these?? if not what do i do???

I've been stupid to do it I know...

HELP - I'm stuck and have no idea where to turn now....

Many Many Thanks

Hello Neptune Moon and welcome to the forum.

Not sure about the answer to your question, but there are several experts who post on here and I am sure one will be along in a moment.

Many thanks Kallis3

Your mother has effectively borrowed money from financial institutons and then loaned you the money. Therefore, whether you consider an IVA or bankruptcy your mother would be a creditor and not your mother's credit companies.

Hey neptunemoon, welcome to the forum, you're in a great place for support and advice. I'm kind of in the same position, my Dad remortgaged his house to loan me money. He will be a creditor and have voting rights at the IVA creditors meeting but unfortunately he will not receive a dividend. Why not give Melanie Giles a call, she is an Insolvency Practitioner who posts regularly on here and can go over all of your options. Good luck and keep posting. Viki X

How much do you actually owe to your creditors? How much do you feel you would have available to offer to creditors on an ongoing basis (including your mother), and are you a property owner with equity?