I am every month getting into a worse situation.

[claire.m]

Hi

I am really concerned about my debt, I owe around 23000 on credit cards, personal loan, and car finance. I am every month getting myself into a worse situation.
I am very worried and scared as I have a little girl who depends on me for everything, and I want to giver her the best, but fear I am going to be stuck. I have considered an IVA regarding my personal loan and credit cards, but I need my car to travel to and from work, and do not have any spare cash to go and get one straight out. If I was to consider an IVA, how could my car be affected? If my cards and loans were clear, I could realisticly afford my car?

[MelanieGiles]

Hi claire and welcome to the forum

Is your car financed by a hire purchase agreement or a loan? If it is on HP, you need to carry on making the payments as this is a secured loan. How much debt does this leave you with? And how much is your car worth?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Beechy]

Hi Clare and Welcome
The car could be an issue depending on the value, if there is any equity in it, and your ability to show creditors that you have a good justification for keeping it.

Some creditors have a restriction on the acceptable monthly finance payment they will accept


Dave Beech

[cr15py]

Hi Claire, welcome to the forums.

I am not one of the experts on the forum, so I can't advise you on your situation regarding your car, but I just wanted to let you know that you aren't alone. There are loads of people on this forum to bounce ideas off, for support and to offer you advise with their experiences.

How much do you owe to who, and what is your monthly disposable income (before repayments to your creditors)?

Visit my blog at http://cr15py.blogs.iva.co.uk

[claire.m]

Hi

I have wrote in before regarding what would happen with my car with an IVA. Its a personal loan so I am presuming this can be included?
I have been discussing this with my husband, and would like to ask a complicated question -
My husband has 2 children from his first marriage and as part of the seperation, they agreed that he would pay the mortgate on their house, instead of Child Support. When I got together with him, we decided to re-mortgage our house and pay off the other house. How would this effect my husband and I going into an IVA? We couldnt use the other house as collatral as basically, its nothing to do with me, and is in my husbands will as going to his children should anything happen. How do you think this would affect us?

[MelanieGiles]

Is your husband going to be doing an IVA as well? And who is named on the deeds of the other property?

[claire.m]

Hi Melanie

I presumed that my husband woould need to do the IVA with me as I am on joint mortgate with him. Also, the deeds are opnly in his name.

Ta

[claire.m]

I presumed my husband would need to go in the IVA with me as we have a joint mortgate. Also the deeds are in his name only.