I seem to have messed up by funding my business with inherited money

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david635
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by david635 » Mon Nov 06, 2017 11:44 am
hi there i am looking for some advise as it seems i have messed up.I have been in an IVA for 2 yrs now and a few months ago had 20k from a inheritance. I have used 10k of this money to help fund my business before a friend mentioned that i shouldnt have. My debt is in the region of 60k and i now am panicking. Do i come clean and offer the rest? what will be the circumstances from my actions? jail? bankrupt?

David
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kallis3
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by kallis3 » Mon Nov 06, 2017 12:25 pm
Hi,

I'm afraid the whole of this should have gone across to your creditors. I suggest you speak to your IP asap.
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Foggy
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by Foggy » Mon Nov 06, 2017 1:27 pm
You need to speak to your IP as soon as possible. You will have to pay over what is left of the money and also make up the loss, possibly by extending the term of the IVA to cover it. If your IP will not extend and wants the whole lot now, the IVA might be failed and you will be back to square one with creditors. They are more likely to be helpful in resolving this if you come forward, rather than them catching you out.
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Lisa Thomas
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by Lisa Thomas » Mon Nov 06, 2017 3:17 pm
I agree - you have breached your IVA terms and need to declare it asap and try to fix it. what was the funding used for and what happened to the remaining £10K?
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