Would I be in breach of my IVA if I pay £300.00 which I borrowed from my brother before the IVA was put in place. Am I able to take the money out in cash or transfer the money?
You should not prefer one creditor over another, however I take it that your brother was not included in the IVA.
Where are you going to find the money from?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Personally, I would say that if you have the money, go ahead.
One less thing to worry about.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
I agree with Jan, that money is yours to do as you wish and as he wasn't a creditor in your IVA you are not peferring him by paying him back.
Regards
Well you are actually - because the creditor should have been included into your IVA, but as the amount is relatively immaterial then I can't see any real harm done.
He wasnt included on my IVA because I borrowed the money after the IVA had been sent to the creditors and before I had a date confirmed for the meeting of creditors.
I knew that it was a very short term loan and didnt expect the meeting of creditors to get convened as fast as it was - before my next wages
Ok here is another one for you
One reason I am in the mess I am in is because of a builder running off with about £7500. Although I took out secured loan and remortgage to pay for my flat to be done up the funds actually came out of one the accounts that is covered by the IVA. For this reason I accept that I am not entitled to this money now and it is for the creditors.
I want to get this builder taken to court however I do not have the money to pay the court costs which are a minimum of £230. If I win the case, which is likely as I have a lot of evidence against the builder then the creditors will get about £5500 back, I dont think I can sue him for the full amount cos I dont want to get solicitors involved.
What do you think the chances are of my IP providing payment direct to the court for me to pursue the builder, or of the builder being pursued by my creditors?
Hi Paul
I think it is unlikely that your IP will support making a direct payment to the court,even though your creditors will benefit if successful.
I think borrowing small amounts off family members is part and parcel of getting through an IVA and can understand why you had to. Paying them back given the fact that the money was loaned after the proposal went to your creditors and is such a nominal amount will not cause any problems.
What would we do without family support ?
Regards
Exactly Andy! If you can manage to pay him back without it affecting your IVA, then I would do so.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Not sure what you mean when you say that you have not been allocated a Supervisor - surely it is your choice to decide which IP firm to appoint?
With regard to the claim against the builder, if I were acting for you I would be happy to recommend that creditors support the Court fees if you demonstrated that there was a sound case - and importantly that the builder had the money to repay you if you won your case. Creditor approval for ongoing action will be essential, but if the case is sound then there is a relatively substantial asset here to chase.
I rather got the impression he was already in an IVA?
Could be wrong though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
