Can you please advise on my options

[ash]

I have near on exactly £20,000 worth of accumulated debt currently. £10,000 of this is in my name, a further £5000 in the name of a relative and the remainding £5000 is owed to that relative personally. Can you please advise on my options with regard to an IVA and anything else that might be of help.

[neverending]

Hi
The £5000 owed in the name of your relative will not be included directly in an IVA.It would be a loan that you owe a relative personally like the other 5k.So in essence you have 10k of personal debt plus 10k that you owe relatives.All these debts must be declared in an IVA but it is highly unlikely that the debt to your relatives will form part of voting for the IVA.
I think that from the info that you post an IVA would not be suitable,you may be better arranging a debt management plan for your 10k and a seperate arrangement with your relatives.
regards

[MelanieGiles]

Hi Ash

The relative will be able to vote, but if you get rejecting votes from the other "non-associated" creditors then your relative's note will be discounted and you will need to get a 50% majority from the remaining creditors.

In these circumstances, Neverending is correct - try and come to some form of informal arrangement with your creditors. Is it possible that you relative would be prepared to defer the repayment of their loans until your other creditors have been repaid in full?

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