I am in serious serious debt

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someone help

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Post by someone help » Thu Jun 26, 2008 12:44 pm
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I am in serious serious debt. People keep coming out of the woodwork wanting more and more money! My questions are: 1) I had an IVA previously which I couldn't keep up. WOuld creditors be likely to accept another? Can you even try to get another? and 2) My car broke and I mean really broke. I need it to do my job (without a car I REALLY can't do my job and therefore can't earn any money) so I had to go to a car place and get finance to get a new one. If I did manage to get another IVA how would I stand with the car on finance.
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Viki.W

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Post by Viki.W » Thu Jun 26, 2008 12:57 pm
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Hey there and welcome to the forum. An expert will be along shortly to advise you. From what I've read on here, you can apply for a second IVA but obviously the reasons why the first one failed would have to be discussed. Are you in a DMP then? As for the car, I really don't know. Please wait for an expert to help. Viki X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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size5

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Post by size5 » Thu Jun 26, 2008 1:10 pm
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There is no bar to you applying for another IVA if you have had one that has failed previously, but a full history as to the circumstances of the failure would be handy to have, and an IP would want to be assured that that any new proposal could be kept to.

The car, if it is a HP agreement, will have to be kept out of your IVA proposal but sufficient allowance would be made against expenditure to allow that to happen. I would encourage you to check the agreement as some car loans are not HP, so they could be included in a proposal.

Hope this helps.

Regards.
Cert DR
23+ years in debt advice
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abc

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Post by abc » Thu Jun 26, 2008 1:11 pm
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1) You can propose a second IVA but the proposal will need to explain and demonstrate why the second IVA will work.
2) Some creditors do not like the idea that you have just obtained fresh finance. Rather than take a chance on proposing a second IVA so soon after taking new finance you might be better considering a debt management plan for 6 months and then reconsider an IVA then.
3) Have you considered the option of bankruptcy?
Alan Coleman
Licensed Insolvency Practitioner with over 20 years experience and specialist for IVAs for self employed people

www.jmmarriott.co.uk
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MelanieGiles

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Post by MelanieGiles » Thu Jun 26, 2008 4:12 pm
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Your creditors will be naturally sceptical of second time around, but I have occasionally presented in this manner if the reasons are right and clients have convinced me of commitment and affordability.

May I ask why a second IVA appears to be a more attractive option than say bankruptcy or a DMP?
Regards, Melanie Giles, Insolvency Practitioner
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