Hi, I’m considering applying for Iva. Just have a few questions...
My husband doesn’t know about my credit card debt, but we do have a joint car loan together. Would the car loan have to be taken in to consideration? So he would have to find out about credit cards
Also both cars are in my name, which we need for work/family/childcare arrangements. Would we lose either cars.
I am also planning on going to uni in September does anyone know if that would effect iva
angela965 wrote:Hi, I’m considering applying for Iva. Just have a few questions...
My husband doesn’t know about my credit card debt, but we do have a joint car loan together. Would the car loan have to be taken in to consideration? So he would have to find out about credit cards
Also both cars are in my name, which we need for work/family/childcare arrangements. Would we lose either cars.
I am also planning on going to uni in September does anyone know if that would effect iva
As a party to a joint loan, even though the loan will be included in your IVA, he will then be responsible for paying the whole of the loan himself and it is possible that the loan company will write to him to tell him of such. Whether you might lose one or both cars will depend on the full set of circumstances and whether the creditors feel that two cars are not needed.
Uni could affect the IVA in that it would affect your income, which would then impact on the amount you can afford to pay the IVA -- which could then be at risk.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy - you can't leave debts out of an IVA - so the joint loan would have to be included and that means the lender may well contact your husband about it. Also going to Uni - presumably involves a change of financial circumstances and that would have to be taken int account in the IVA plan.
I don't know how much the credit card debt is (or how much you could afford to repay on the debt per month ) but it may be that a Debt Management Plan is worth a look. You might be able to leave the joint loan out of this and just include the credit cards. Its also more flexible so can be adjusted according to changing financial circumstances.
I know mortgage might be different to a car loan but my ex was written to by the mortgage company when I started my IVA so I think the chances of keeping this to yourself are probably remote.
Not sure what the rules are but I did keep some debt out of the IVA. It was more potential debt than actual debt I guess. I had a car and a piece of machinery on lease. These could both have been returned and the liability added but I continued with payments and they were allowances in my expenditure.
JustPlainStupid wrote:I know mortgage might be different to a car loan but my ex was written to by the mortgage company when I started my IVA so I think the chances of keeping this to yourself are probably remote.
Not sure what the rules are but I did keep some debt out of the IVA. It was more potential debt than actual debt I guess. I had a car and a piece of machinery on lease. These could both have been returned and the liability added but I continued with payments and they were allowances in my expenditure.
This is just my personal experience.
AJ
Items on lease are not included in an IVA because the debt is secured on the item --- so it is secured debt which isn't covered by the IVA, but the payments for such items are often included in your allowances to enable you to keep them, if they are needed and creditors agree.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
