DFS sofa - should it be included in an IVA?

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sma

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Post by sma » Sat Feb 08, 2020 1:47 pm
Hi
I’m thinking of entering into an Iva with StepChange and have had my first appointment however I didn’t think about my sofa! I have a dfs sofa with hitachi capital. Do I need to include it and will I lose my sofa? Thanks

kallis3

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Post by kallis3 » Sat Feb 08, 2020 2:06 pm
You do need to include it but no idea what will happen about the sofa.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Foggy

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Post by Foggy » Sat Feb 08, 2020 2:22 pm
The finance is not secured on the sofa, I would imagine, and DFS has been paid by the finance company, so they will not be interested in having the sofa back. The IVA will be between you and the lender and DFS will be unaware.

ALL unsecured debts have to be included in the IVA and these, as well as any secured lending will need to be reported to Stepchange as the repayments for secured lending will need to be factored into your agreed expenditure.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Jessie91

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Post by Jessie91 » Sun Feb 09, 2020 7:16 am
Hi this happened to me exactly the same. I got accepted for my iva then forgot about my sofas with dfs I rang
Up Creditfix and they added creation finance on straight away with no issues. Yes you do get a lot of emails, letters from them regarding the missed payments until there fully aware of you being in a iva but it does stop took 8 weeks for me. But I got to keep my sofas as well.
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