Posted: Wed May 16, 2007 10:10 pm
we have 2 car finance agreements outstanding and a bank loan our total debt is around 33,000 were interested in an iva will it cover the car finance and what will happen to the car we have?
Hi allie and a warm welcome to the forum
Are you saying that your only debts are two car finance agreements (presumably hire-purchase but do check the agreements to confirm) and one bank loan? If so, then you are probably unsuitable for an IVA - which only tend to be viable for four or more creditors.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk