ANNED wrote:I haven't excluded its there idea To do this cause it's still in Dominic's name it hasn't passed over to me yet. So they said to try get the iva passed without it then when it does switch to my name it can be added on. So is this not true then ?? Also I am waiting on a pack to do a dmp with stepchange he said I can still do this in the background and then change it to iva is this true ??
It cannot be ignored -- they have to be included as a contingency debtor. Whether they have voting rights as such I do not know, but the sudden addition of the debt if and when Dominic fails to pay (which I thought was already on the cards) could well derail it at that point .. wasting everything you have paid in up to then.
ANNED wrote:Yes they r on there as debtor but as a secured debt until he defaults think that's what they said anyway ??
But it is not a secured debt. It is a contingency debt --- potential, if you like. If he defaults the debt is yours and can be added to the creditors. However, this could fail the IVA if the figures don't balance.
If I were Amigo I would have something to say about it -- hopefully an Industry Expert will comment.
ANNED wrote:Ohh god I don't know what to do now as this is what there telling me to do it's not my idea. But if it's going to fail the iva down the line then there would be no point me doing it so confused now as to why they would be giving me this info if it can't happen. Will I ever get this sorted feel like just going with the dmp
Don't panic yet! Wait until an Industry Expert comments --- Kallis and I might be missing some pertinent fact and are only expressing our own, untrained, concerns. I agree with Kallis in that I would have a chat with another smaller firm, such as those who post here, to compare advice -- tell them what Vanguard have said and see what they think.
Perhaps Vanguard do not know the entire story but it is certainly worth speaking with them and see if there is any way that they can have your IVA accepted.
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