iva question

muletman

Hi peeps

Would a loan of say a month old be ok to include in a iva?
me and the missus are getting back together and need debt management asap but worried about the loan she has taken out since the split?

cheers

Nick700

Good evening,

There is no rule preventing a debt that's only a month old being included in an IVA or DMP, however it is important to let the creditor know the following in relation to the debt - you can let them know as part of your IVA/DMP proposal:

a, Why you felt you could repay the debt when it was taken out.
b, What has now changed to make it difficult to repay the debt.
c, That all the information that you were asked when you applied to take the loan was correct.

This will minimise the risk that the creditor involved will think you could never afford the loan, and that you took it out knowing you could not repay it.

This will increase the chances that they will accept an IVA/DMP, and will help their understanding of the changes in your circumstances.

Hope that helps - let me know how you get on with the IVA/DMP you are thinking of entering.

Nick

muletman

does the loan have to be included in the IVA?

i would personally feel bad including it thanks for the advice

Nick700

Good afternoon,

Yes all debts have to be included in your IVA, unless the debt is secured, a Student Loan, a Court Fine or CSA arrears. The only other way a debt can be excluded is if you would suffer if it is included - for example, if you had a loan with your employer and would lose your job if you defaulted on it.

Nick