www.iva.co.uk

hi , i am still considering whether it is the best option for me and my family, we have approx 60k of unsecured debt between two loans and credit cards, the problem i have is one of the loans is with my mortgage company and the other loand is with my bank.
i assume my mortgage company will not look to favorably upon an iva, and could they repossess the house? ( there is no equity in it)i am keeping up with all repayments so far but i am paying one cc with another constantly to survive.
also we have two cars as we both need these to get to work one is a banger and will prob need replacing at some point, does an iva leave you with any money to account for things like this?
would my employer find out? i really would not want any one to knows as i am so ashamed i just wish i could repay them all some how.[:I]

Hi again.
On the subject of cars then yes your creditors will allow for a car each as long as you both need them and as long as they are not Rolls Royces !!!Expect to have to replace a banger with another banger,but you can,t really expect anything else considering that your creditors are writing off approx £45k of debt.
Regards

hi, no i wouldnt expect anything else than a banger but obviosly i wondered if an emergency fund was allowed! obvioulsy not a lavish one justy 50 a month .
i have looked at all options and there is no way we can do without two cars as my husband works 40 miles away and i have a 10 mile trip between dropping kids off and getting to work.

You will be allowed to allocate an expense for all living costs which are reasonable. This will include a budget to pay for the maintenance and upkeep of your car. However if you feel that you will need to change your car soon this is probably best done before the IVA is in place.

There is no reason that your Employer be informed of your entering into an IVA unless you owe them money or it is against the terms and conditions of your employment. An IVA is not nearly as public procedure as Bankruptcy.



Hope this information is of use

Regards. IVA Experts