hi me and my partner are 7 months into our iva and have found we are expecting our fourth child.We were wondering if we should keep going in our iva as we need to upgrade to a bigger car(currently have one on finance with 13 months left) or write to the creditors and ask them to write the ballances off. Our i.p practioner was a bit unhelpful because we are expecting.She said if we can save the money to pay the finance off on the car but hide it from the creditors(how am i supposed to do that!!!)and start again with new car finance which the h.p company said they would be willing to help we are unsure what to do?
I'd be interested to know which IP is telling a client to "hide the money" from creditors. Is this genuinely how this was suggested to you, or is this your interpretation of what was discussed?
If the former, how does she specifically guide you to "hide the money"? Or was she perhaps suggesting that you use your share of any additional income from overtime etc to fund the HP balance?
I think you will find it pretty difficult to obtain any form of car finance whilst you are in an IVA, without paying a substantial down payment. Do you have any friends or family who could assist you in purchasing a larger vehicle?
Welcome to the forum....honesty at all times is essential in an iva and under no circumstances should one creditor be favoured outside of the iva ....your IP should be able to support you through this not offer inappropriate suggestions.
Congratulations on your pending 4th child by the way !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
