I have been in an iva for over a year. I have paid about £1000 In. I have decided to go bankcrupt as my finances have changed. What happens to the money what I have paid to payplan? Also I have a logbook loan against my car, will I lose my car when I go bankcrupt. Please help
The monies paid to Payplan will go towards their fees in all probability. Regarding the logbook loan, this will depend upon the agreement you entered with the loan company -- but, as the vehicle has been pledged as security, they could repossess.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The funds paid will be lost in fees and costs as not enough will have been paid to repay creditors. You vehicle may be at risk if the logbook loan company wish to repossess or the official receiver feels the payments are too high.
Speak to Payplan first to see if there is a way forward. I do agree that your car may be at risk if you declare BR.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
