Basically, my fiance and i have split with secured debts in joint names which have a net position of £30K owing. There are also £55K of unsecured debts in my name that were run up jointly, which suprise, suprise, he won't help on. While we could afford the reapyments together, I cannot on my own.
We need to sell the house to clear down as much of the secured debt as possible to allow me to file for an IVA on the unsecured. My question is if my family lend me £15K to cover my part of the net secured amount owing, could this be included in the IVA? I have read that family / friend debts can be but I'm not sure, particularly with any timing rules ie does the debt have to have been made a certain time ago?
Another question re IVA's is that when people say they are paying i.e. 50p in the £ does this mean 50p in £ of account balance at the time of arranging the IVA or 50p in £ of total contractual payments? The total contractual payments will obviously be alot higher as they will contain future interest. - I am really confused about this - any help to clear this would really help.
Thanks - finding this forum has been invaluable.