www.iva.co.uk

I have been with Payplan doing a DMP for 17 months paying £100 per month on debts of around £60,000 so you can imagine its going to take a while. I have been contacted by another company saying an IVA would be best for me but I advised them that as the car we have that we pay £400 per month for is in my fathers name then it would be possible as my creditors wouldn't see this as my debt. The company informed me this is incorrect and I can do an IVA and the car wouldn't be a problem. Please can someone advise me where I stand. For us no car means no job as the public transport where we live doesn't start early enough for my husband to make it to work (he does 8am - 8pm 3 days per week, then 3 off and so on) We went through hell 18 months ago, being threatened with loosing our home by creditors and bailiffs and at 1 point we made plans to just end it all leaving our 3 daughters with grandparents for the weekend but Payplan were fantastic and although we are in a lot of debt we have started to smile again. Any advise would be fantastic.

One of the professionals will be along to help later...stick around for a while. There will be a solution to suit you.

Welcome to the forum.

I would suggest that you visit www.iva.com for a list of companies and reviews. Give one or two a ring and the advice will be free and impartial.

I think that creditors would have issue with you paying £400 per month for a car, when you are only suggesting paying them £100 - which in any case is unlikely to be sufficient to propose an IVA. Which company have suggested this to you, and advised you that the car is not a problem?

Could your father absorb some of the car costs himself to help you out, leaving you with a sensible sum to offer to creditors?

I would always be wary of being 'cold called anyway.

Where did they get your details from?