Hi Everyone,
I've finally made the intial step and taken a reality check and have started the 'process' for an IVA.
I'm 26 years old, have a steady job and income and live at home with parents. All seemed to be okay before i realised how much i was spending and using cards and loans to fund a lifestyle most would desire.
Having now had a reality check and thinking ahead for the future, i dont think a loan for £25k would be the answer to my problems, as it would mean yet more payments for at least another 8 years+
I work a fair distance from home (60 miles round-trip) so me having my car is essential to me working.
My question to anyone on the forum is, would i be required to sell my car as part of the IVA deal? Sorry if this sounds stupid, but because i haven't had the forms come through as yet, i think it is more nerves than anything, so any reassurance i can get is appreciated
My fiancee who is aware of my situation has suggested she raise part of the money from the sale of her car (worth approx £9k) but i would rather see this one through myself.
My IP who i've spoken to at some length over the phone has estimated that on current earnings i will probably be making payments in the region of £300 per month.
Cheers,
Nathan
