F&F question

scared-sick

Hi,
I have 3 years left on my IVA.
My family know I was struggling with money but not about the IVA.
One of my family has offered me the money to pay off my debt.
My dilemma is this, if I offer a f&f, the IVA company want to know where the money has come from and require the offer of money in writing from the person offering it as I understand it.
There is no way I can get them to do this as they know it is to pay off a debt but not an IVA.

Does anyone know of anyway I can get round this.
I would really like to get this finished if I can.
Thank you.

biscuit1_2

They need proof of where the money is coming from otherwise I would think there view would be, your pulling the wool over our eye's.. Unless.... you get someone else who you trust to hold the money and say they are going to pay it. Though if you trust someone with the fact you are struggling what is wrong with letting them know you are in an IVA at least your doing something positive about it.

scared-sick

Thanks, but no I won't tell them about the IVA.
It's one thing to have someone know you have debt but another for them to know its IVA bad.
Just my personal feelings on that, I am quite a private person.

Surely there has got to be a way to do this without getting the other party involved by having to write to IVA companies on your behalf?

Concerned75

My take or leave advice is, it depends how much you owe and pay each month. I don't think there's a way of paying it off in one hit without your family knowing. Only thing I can say is if your family give you all the money and you tell your IP your family want to give you a gift amount each 1,2,3 months just to help you out. Can you put it towards the iva without any issues etc...of course, that might extend your link with the IVA for a year or so, if you can put up with it that long?

foxy-stoat

scared-sick wrote: »

Surely there has got to be a way to do this without getting the other party involved by having to write to IVA companies on your behalf?

Why?

The IP needs to demonstrate that this money is not YOUR money, by that I mean the IVA's money. IE windfall, lottery win, inheritance, PPI refund etc. If it was then its not your money while you are in the IVA.

If the person wants to help you out with your debt problems then they really should be told the truth as they cannot help you clear the debt any other way.

You have to weigh up the pros and cons of being in the IVA for another 3 years or be done with it in a few months by telling the family member the truth.

National_Debtline

Hi OP


You should bear in mind that this relative could find out you were in an IVA in the 30 seconds or so it takes to check the Insolvency Register - so that info is freely available anyway.


I genuinely don't understand how divulging your debt problem (something known only to you, lenders and credit agencies) to your relative isn't breaching your privacy, yet you feel that telling them you are in an IVA (public knowledge) would be. I've no wish to deny you the right to a personal view on this - I just worry that your logic here is a little flawed.


Either way, the IP will insist on this confirmation from the relative before they can give it their blessing, for the reasons given by foxy-stoat above.


Dennis
@natdebtline

sourcrates

scared-sick wrote: »

Hi,
I have 3 years left on my IVA.
My family know I was struggling with money but not about the IVA.
One of my family has offered me the money to pay off my debt.
My dilemma is this, if I offer a f&f, the IVA company want to know where the money has come from and require the offer of money in writing from the person offering it as I understand it.
There is no way I can get them to do this as they know it is to pay off a debt but not an IVA.

Does anyone know of anyway I can get round this.
I would really like to get this finished if I can.
Thank you.

Hi,
I really can't see why you can't tell your family member, chances are they maybe won't even know what an IVA is anyway, if they know your in debt, then it makes little difference to them what solution your using to deal with it, can't see your problem, sorry.

If it's that much of an issue for you simply write a suitable letter yourself, get your realitive to sign it, job done.

As Dennis says, it's all public information anyway, if anything it shows your dealing with your debts, and that's nothing to be ashamed of !!

Rmeek

We did an F&F and my friend that lent us the money not only had to write a letter to that affect but they also had to send the money directly to our IVA organiser by cheque with the letter so that it didn't go anywhere near my accounts. This was in 2011 so I am not sure if procedure has changed now. But if that is still the case there is literally no other way around it. You either have to tell them something or carry on as you are and risk failing the IVA. You could say I suppose that you are in a debt management plan that is administered by the company you use for the IVA? Would that soften the blow? Unless you say it's for an IVA would they even know?