I am currently looking at entering into an Iva
Over the last few months I have been struggling to pay my rent, bills and minimum payments to creditors. I have a £4250 overdraft that I keep going over and I owe another £25000 in total . My mum has given me about £1300 in cash ( not all at once ) to help and is not expecting me to pay it back but she does not know the extent of my debt or that I am considering an Iva. Would I have to tell her and would she be contacted? As I would have to show where the extra money has come from in my account over the three months. All the money has gone into my overdraft and in hindsight I should have faced up to the amount of debt I owed sooner.
If you do not declare her as a creditor she need not be informed. I doubt the deposits would be picked up if not regular and, if they were, it can be seen from the statements that they are from a private individual. There is, however, always the chance that she will find out and, to be honest, the support from family members can be invaluable and keeping such a secret can be very stressfull in itself.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Have a word with a few IVA companies on here for some advice. I am sure you will be able to find a solution.
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