if and how i could get an IVA?

[sld]

Hi i have mounting debts which i am finding it difficult to repay and was wondering if and how i could get an IVA? any advice welcome! also i have a car on finance which i would like to include in the IVA but was not sure if this is possible?

[MelanieGiles]

Hi sid and welcome to the forum

You will need to contact an insolvency practitioner who will be able to discuss your financial difficulties with you and explain all of the options there are available to you so you can make a reasoned choice as to the best way forward.

Your car - so long as it is financed via a HP agreement and not an ordinary unsecured loan - will be safe in the IVA, so long as you can afford to carry on making the HP repayments and fund payments into an IVA as well. If the car was purchased using an unsecured loan, ownership to the vehicle passed to you legally from the time you entered into the agreement, so the debt will merely be included in the IVA and you will be permitted to retain the vehicle so long as you have a good business case and it is not of excessive value.

[carlmcmullen]

Hi SLD,

I would suggest that you firstly make a list of everyone you owe money to (regardless of it being a £1 or £25,000) and then sit down and make a list of all your essential outgoings as this will help when you contact someone.

As Melanie said the HP may or maynot be included into the IVA depends on the type of agreement you entered into so you may want to find out the agreement. Who is your finance company ?????

Once you have this info i would then visit www.iva.com were you can view all IPs and firms and research a few from there, once you have found 2 or 3 you are happy with give them a ring.

Never agree to anything on the first call, speak to a few then make a list of all the questions you have got - once you are happy and comfortable then proceed.

I would perhaps use this website to get other peoples views on the company first.

Good luck