www.iva.co.uk

I already have an IVA but only my close family and 3 friends know BUT I have a friend whose husband is in massive denial about debts and does wnat the social stigma of debts being dealt with! She is getting ill with the stress and has almost signed a DMO as shea nd him have £15k debt BUT they have to pay £150 for over 20 YEARS meaning paying back a staggering £31,500 for £15 k debt.

I think her hubby has rejected the concept of an IVA cos he owns 2 vans and a land rover I think on finance and REFUSES to hand back the landrover and will not discuss debts. If I convince her the IVA route is better, can she and hubby keep ALL vehicles and pay £150 per month over 5 years (meaning she will have paid only £9k of the £15k and she is not paying it until she is 65!! HELP

Hi Queenbee,

Sorry to hear of your friends problems.

They do need to take professional advice as nobody on here can say that they would be able to keep all vehicles.

Speak to a reputable Debt Management Company if they want to do a DMP. A good one should be able to get interest and charges frozen but of course that's not guaranteed.

Get your friend to speak to someone first and then try and talk her husband round.

Hi Queenbee, it is definitely worth her talking to a couple of professionals to see what is possible - different companies work in different ways and what some will say is not possible, some others have managed to achieve success.