www.iva.co.uk

Hi again,
its been a long time since I contacted the forum, to be honest we've bumbled along but things are heading steadily downhill and I don't know how much more I can take.
We have £68,000 of debt which we are paying off via a debt management plan, we have 2 cars, mine is leased (I cover the the whole of the North with my job so need a car) and my husband is a driving instructor, we have a personal loan for that car.
The personal loan is not part of the debt management plan at the moment and tonight the car has decided to develop a sound that can only be described as terminal-typical:-(

I am wondering if it would be better to look into an IVA but I am concerned that we will end up having to get rid of the cars and because of our terrible credit rating we wont be able to get other cars.
We have no extra money to pay and I feel totally helpless and dont know where to turn.
I suppose after that moan my question is will I lose the cars if I add the personal loan to the DMP?

Hi again

Why are you actually using a DMP rather than an IVA? Do you have a lot of equity in your property? A DMP is also supposed to encompass all unsecured debts, so I don't really understand why your husband's loan was never included.

Why not have a chat with one or two IP's, take a look at www.iva.com for a list of companies and some reviews, they'll be able to give you case specific advice and talk through all debt solutions including an IVA to ascertain which is the best way forward for you. Always take the advice of 2 or 3 to get that all important free, impartial advice. All the best.

The professionals who post on forum all come highly recommended and they can be contactec via the experts link. xx

Hi Suzieq,

Lesley is right, its good to talk through your situation with a couple of companies just to make sure you are still in the best solution for you and your husband. It may be that a DMP is still the best option or you may find that you could be in something more secure and with a fixed end point.

Let us know if there is anything any of us can do to help.

Regards,

Hi suzieq,

To your knowledge is this loan in any way secured upon the vehicle?

Was the original decision to leave it our of the debt management plan your own or was it based upon advice from the DMP company?

We thought the car was on HP contacted the firm and found out it was a personal loan, which is not secured on the car. Have spoken to the DM company who have now added this debt to our existing plan, still can't ever imagine seeing a light at the end of the tunnel

I would look into the possibility of an IVA. Taking advice won't cost you and you may find that you could be debt free a lot sooner than you think.

When I originally looked into an IVA I was told there is too much equity in the house, I was unsure if an IVA would
have an impact on my husbands business as he is a sole trader. I will contact a couple of the companies recommended on this forum even if it's not an option I might get a nights sleep! Thank you for the advice

The first company we tried told us to sell the car and go bankrupt as we couldn't do an IVA!

Your hubby should be ok, we have a lot of sole traders on here.

At least if you speak to a couple of companies, and the experts who post on here come highly recommended, you will have explored all avenues.