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?
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
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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.
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.