www.iva.co.uk

hi all
my brief situation is after sepperating some time ago and being landed with a pile of debt some of it my own doing and some trying to help my ex out im trying to put my life back on track and that means dealing with the debt
i currently have a loan and heavy CC bils not being paid im also tied into a joint second mortage for a house i no longer have as the ex has taken it on with the kids
i am willing to go down the iva route as i belive it will be the best answer to my current situation how ever i have a tool box on hpi and can't aford to give up the box or get another one out of hpi but i need it for work
so i quess my question is can the box beleft out of an ive or is it all or nothing with them
cheers for any help and advice andy

Hi Andy and welcome to the forum.

First of all, well done for taking your head out of the sand - that's the hardest part!

I would recommend you have a look on www.iva.com and take advice from 2 or 3 IPs regarding your situation and the options open to you.

Regarding the tool box, you should be ok to keep that as you need it for work - presumably no work, no IVA? Explain to the companies that you speak to that you need it for work, and they should make an allowance for the HP payments in your expenditure.

Good luck, and please keep posting as we're all here to help you x

Some tool companies, such as snap on, do have products that can be repossessed in the event of non payment and so they would be excluded under those circumstances you describe.

Regards.

hi and thank you yes it is with snap-on finance on a 3 yr repayment plan and im just about halfway thro it
will check out that web site and go from there then the other option looking around on this site would be Br how ever i have a dream of running my own garage in the future and i belive once you have been BR this can no longer be done the only asset i have of any value is the said tool box
cheers again andy

Check to see what sort of agreement it is. If it is an ordinary unsecured loan, Snap On will have to show they have valid retention of title clauses incorporated into the contract of supply. An insolvency practitioner would be able to help you look into this - and if they do then you can treat them as a duress creditor.

As far as I'm aware there's nothing to stop you starting a business in the future if you've been bankrupt. There are various restrictions while you are BR, but once you are discharged it shouldn't be a problem.

If you speak to a couple of IPs they will run through all your options with you. Make sure you tell them about any business plans for the future in case it has any implications on your choice of solutions now.

ok will do thank you once again
i am currently renting from family if i go iva or br will there be any implications on the address at all
cheers andy

No, providing you have no joint loans or accounts with any family members it'll be ok. Credit scoring is done on the person, not the address.

I lived with my partner (no joint accounts) and after I went BR he had no problems getting a mortgage or credit card.