www.iva.co.uk

hi everyone, im new here, and was looking for some advice, i have been approved for an i v a i have £40,000 debts, i had a car which i have handed back to be auctioned off as i had try to sell it 3 times - no one interested! my meeting was two wks ago but had to be cancelled as my car still has not sold at auction, and i cant enter the agreement as not sure if i will have any leftover from car that i will have to pay! my meeting was re arranged for today, but still havent sold my car, so now i have to get i v a all re done to get more time.has this happened to anyone else?really dont know what to do? i just want it over and done with? also we are getting hounded my companies we owe money to, they keep sending letters adding fines, how can they keep doing this as they know we r trying for an i v a?please help???????!!!!!!!!!1[V][?]

What is the value of your vehicle and is it subject to HP?

I am a little lost why the IVA cannot proceed while you still have the vehicle. With vehicles that need to be sold, I normally put a provision in the proposal that the vehicle is to be sold within three months of the IVA being approved.

I would encourage you to talk to your provider for reassurance on this, I am sure they would not have put a proposal forward unless they felt you had a very good chance of success.

As for the hounding, that is certainly unfortunate but again you should refer them to your provider to deal with for you. The extra fees you are incurring at the moment are also very annoying I'm sure, but provided your IVA is accepted then they are irrelevant as they will end up being written off at the end of a successful IVA so although I know it is all very well for me to tell you not to worry too much, I can only really say that you shouldn't let yourself get too wound up by it as you are making every effort that you can to try and resolve the situation. I am sure that most of the other posters here will agree that the period of limbo that you are in is possibly the worst time so I am sure you will get a lot of support on here.

Hope this helps.

Regards.

i had the car through my business,but in my name its on hp,so i had to surrender it, it has gone to auction twice now and not sold, money debt and credit are saying the i v a cant go ahead until they know how much i will owe to the car company, my meeting has been cancelled again, surely the creditors are going to get very annoyed this as they are getting no money? can a figure not be put in to the i v a for what i might have to pay back so i can get started on the i v a?

Yes, I would make a provision for their debt in the proposal and ensure that it is slightly on the high side to cover costs of sale. I see no reason why the IVA should be held up.

Absolutely - I am completely with Alan on this one and in practice have done this many times. Why not get a second opinion as to the merits of your proposal elsewhere if you are not happy with the service you are currently receiving?