Cash In Hand Debts and IVA

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moocow

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Post by moocow » Sat Dec 15, 2018 12:30 pm
Hi all,

Just a quick question.

Say for instance I approached an IP and told him I had £50K worth of debt which I had no proof for, as in cash in hand debts with no paperwork. Say also, I had £50K worth of debt with paperwork and agreements which could be proved.

If he went on to do an IVA for me, is it OK for him to include the whole £100K or should he only put the £50K I had proof for?

Thanks,

Foggy

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Post by Foggy » Sat Dec 15, 2018 12:38 pm
With that sort of unverifiable debt I would imagine an IP would be reluctant to propose an IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

kallis3

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Post by kallis3 » Sat Dec 15, 2018 2:25 pm
I agree - where does that debt come from?
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.
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moocow

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Post by moocow » Sat Dec 15, 2018 7:04 pm
Sorry I was just cross referencing it to the IVA that has been proposed to me. The IP specifically told me on the phone that a lot of the debts could not be substantiated with hard proof but he was going to ask them to sign a statement of truth.

Lisa Thomas

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Post by Lisa Thomas » Mon Dec 17, 2018 12:44 pm
The debtor has a duty to be honest about their position and provide supporting evidence to their Nominee.

The Nominee has to ensure they are satisfied that all the material information is correct. If they can't verify a significant debt of £50k I wouldn't be able to recommend the IVA or confirm that I believe all the information is true.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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