We can't carry on like we are.

[melissa.f]

I currently have credit card debts of £15000, an unsecured loan of £35000 and a loan from family (which they took out a loan for) of £25000. Where would I stand with regard to an IVA? We can't carry on like we are.

[Sarah]

Morning

You would be in a good position with the first 2 as depanding on who the creditors are and how much you can afford to pay back.

But unfortunatley the loan from the family will not be included in the IVA.

[Skippy]

Hi Melissa, are your credit card debts with more than one company? An IVA would not be feasible if you have a loan and owe only one credit card.

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[MelanieGiles]

I don't agree that the family loan will not be included in the IVA - indeed it must as otherwise you would be making a false declaratoin of your statement of affairs.

What Sarah might mean is that some creditors may ask your family members to step aside and not receive a dividend payment. You would have to consider the implications of this to your family - but don't forget those family members have important votes to cast at the creditors meeting.

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

[melissa.f]

Our debts amount to £75,000
£35,000 unsecured with First Plus
£25000 secured loan that my parents took out
£15000 on 4/5 different cards.

[MelanieGiles]

Melissa

An IVA may be possible for you, depending upon what you are able to offer to your creditors. How much do you think you could afford to pay each month?

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

[melissa.f]

If everything was taken into account with the iva we could afford 500 I would think

[neverending]

Melissa
You would ,on those figures,return approx 20k to your creditors and this would be a dividend of approx 28p in the £1.
If your family were to step aside and not receive a dividend then the final dividend to your creditors would be approx 40p in the £1.
Both dividends can be acceptable to your creditors as your family will have a deciding vote as they are owed 33% of the debt.
regards