Hi,
I have debts of around 65,000 but am currently paying for a car on finance, would I have to give the car up as I use this to get to and from work. thank you. RT
You may be able to continue paying for this but bear in mind that as soon as you finish paying for it money would have to be paid into the IVA.
I suggest that you speak to one or two companies for advice. Give Andy Davie/Vincent Bond a call (details under the expert link on the left hand side of the page) for some free advice and help.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
In Bankruptcy you may have to, but in an IVA that is not an automatic default position, a lot does depend on the details, how much you pay, how much the car is worth etc. Clearly, a top of the range Range Rover is going to raise more eyebrows than a Ford Mondeo, but a lot of the time a deal can be struck whereby when the car payment finishes any IVA payment increases by the equivalent amount.
You should speak to 2 or 3 organisations to get a feel for your options, and respectfully suggest at least one of those should be a charity, and then make an informed decision from there.
Regards.
Last edited by size5 on Wed Mar 16, 2016 12:39 pm, edited 1 time in total.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
It also depends on whether the HP company are willing to allow you to keep it or want to reposess it.
Creditors may feel you are paying to much on the HP for the car so could challenge the payments in an IVA proposal to maximise the contributions you can pay in.
You might be better off saving for a cheap runaround before starting an IVA procedure.
