Cash In Hand Debts and IVA

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
moocow
Posts: 14
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,
User avatar
Foggy
Forum Expert
Posts: 27729
Contact
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.
User avatar
kallis3
Forum Expert
Posts: 73930
Contact
by kallis3 » Sat Dec 15, 2018 2:25 pm
I agree - where does that debt come from?
moocow
Posts: 14
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.
User avatar
Lisa Thomas
Industry Expert
Posts: 7193
Contact
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.
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 30 guests