www.iva.co.uk

My husband has just lost his job, he has vehicle finance on our motorhome and car and also a pcp agreement on a car. I cannot afford to pay these and we really don’t want to have to get rid of any vehicles as I need one car to get to work, he will need the other car to look for work and get to work when he gets a new job and the Motorhome is our holidays plus it gives hubby the chance to look for work away from home and use the motorhome. Would we be able to keep these if he enters an Iva.

Also, if I was to enter an IVA, I part own property with my brother and sister but my brother lives there. Would that be classed as assets that would have to be sold? We don’t own any other property apart from a static caravan that we live in.

You would need to discuss this with an Insolvency Practitioner, but I cannot see you keeping both cars and the motorhome. Whether you would be allowed the finance /PCP payments as allowable expenses would also depend on the figures involved. I suspect that you would be expected to liquidate your interest in the property too. That all said, it might be possible to offset some of this by extending the term of the IVA --- if the IP agrees to do this, ensure that you get the agreement in writing, in case your IVA is, at some point, moved to another firm and you need proof.

I would also suggest that you chat to one of the smaller, independant firms, rather than the faceless 'IVA factory' firms.