Iva help

[sarah84]

hiya all
im new to this and would like some help badly,
at the moment im in a lot of debt and im trying to go onto a iva but
dnt know were to start to be honest,
im with a debt management company at the moment but im struggling with there payments also, im just wondering i have a car on hp at the mooment and have had it 6 months now, i recently wrote to them to advise that could not afford the payments, they then wrote back to me to say that if i was to give the car back they would auction it and then charge me £3k for the service charges so that would mean an extra 3k on me debt, i was just wondering if i was to go for iva would they include the hp and would i get to keep the car if this is the case as im really worried about this and also my other debts its really getting me down as ive recently seperated and have been left with all this debt,
can anyone hlp
thanks

[iva experts]

Welcome to the Forum Sarah,

Could you provide some more information regarding your debts, like how much you owe? Who your creditors are? and what disposable income you have after your minus you living expenses (not inc minimum payments) from your income? This will help us be able to advise an option that is best for you.

In regards to your HP, there are a few options, if you were to enter an IVA you could return the car and then the £3,000 and any other money owed could be included in the IVA as it will then be classed as unsecured debt.

You may find that without including your minimum payments you may still be able to afford the HP.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[aguise]

Hi Sarah
Just poppped to say hello and welcome. If you can do as iva experts say above and post more details then you will get advice on possible options. Try not to worry ther will be a way to deal with it all, we have all felt the same at some point. As said you may find that with an iva you may actualy be able to afford to contionue with the car payments if you dont have the high credit payments. How much is your total debt and the amount you pay to the dmp ?
Lots of ways to look at and a lot to think about and research a little, but well worth it in the end, you will get lots of help.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[sarah84]

Jiya all thanks for the warm response,
im looking at like about 10 creditors and about 25k worth of debt including me car, im kinda stuck tho as need me car as my dad lives a canny few miles away and cant there by bus and i go down there as there is only me and him also it would take me longer to get to work on a morning too, im really struggling tho with all my payments im being left with like £90 to live on after being paid and thats to cover food and petrol for the month wich is totally killing me at the momentim just totally stuck and dont know wat to do,

[aguise]

Hi again sarah. What is your income and how much would you have left after normal living expense, rent gas elec,dont iclude any creditor payments. Also do you own your own home and if so is ther any equity in it.

Ang


Please visit my blog at http://aguise.blogs.iva.co.uk/

[iva experts]

Hi Sarah,

Usually for an IVA to work an individual will need a minimum disposable income of c£200-250 to offer their creditors each month. As long as the value of the car is not above c£6000 I think you should be ok also because you can justify your need for the car this will help your arguement.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[sarah84]

Thanks very much
ive spoke to my debt management company and they have saiod the best thing for me to do it go bankrupt so i shall be going down thatroute, im totally gutted like to be going bankrupt but i must do it as at the moment i get like 950 per month and im left with 90 to use for food and petrol so i literaly have nuthin left for myself,.
im in such a struggle at the moment. does any one know how long a bankruptcy order takes to do and also do they allow u like spending money each month for ureself also if was to give me car back would they allow me to get another car like a cheap run around for work n that

thanks

[Adam Davies]

Hi sarah
Just get a second opinion on that advice before going down that road.
I suggest contacting a couple of companies thst post on this site.
How much do you pay into your DMP at the moment ?


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

How much have you been paying to the debt management company? And have you afforded these payments whilst also paying for your car?

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

[sarah84]

At the moment im paying 108 per month for the debt management and then i pay 160 approx for the car payments and the warranty, i have only had the car for 6 months. How would i go about going to a different company. ive been looking on the interenet and have seen a website that offers debnt counselling so am thinking of going there as i really dont want to go bankrupt asa it may affect everything including the flat im living in at the moment so im having to see if i can speak to the other companies.

[Andrew Graveson]

Hi Sarah,

For a debt management plan to work you have to be left with enough money to live on.

If you do not want to go bankrupt you might speak to some other debt management companies to see whether it's possible to put together a plan that is workable for you and acceptable to your creditors.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[sarah84]

Is there any debt companies out there that can help as ive just been speakin to a debt counsellor company and they have advised me that they cant offer me an iva because me payments are already low. i have advised them that i am goin to hand the car back once they get back intouch with me to advise on the next action for me to do, im really struggling on what to do at the moment as its looking like bankruptcy is the only option wich i dnt want to do.

[Andrew Graveson]

Hi Sarah,

I think any of the debt advice companies that post on this site would be worth a call to check out your options.

Typically their contact details are listed in their "profiles".

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[sarah84]

Can i just contact any of companies on this site and they will help me.

[aguise]

Yes sarah contact them through their email on the experts page, or Melanies is above on her post.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/