I have taken a big drop in my income and have large debts which I now cannot afford to pay. I am looking at an IVA but would not want to include the the finance I have for my car as this would mean losing my car as the finance is secured on the actual car and I depend on driving for my work. Where do I stand with this? Any help would be greatly appreciated.
Hi Beth and welcome to the Forum.
Your car finance should not be affected as an allowance is made for the payments to continue. However, creditors may object if the monthly payments are excessive and some small HP companies have been known to recover the vehicles of those in IVAs although this is very rare.
Speak to an IP firm for some free advice and put your mind at ease.
Hi Beth - sorry to read about the situation you find yourself in - glad you found us to come for help!
As Michael says its best to get some free full advice asap and there are plenty of experts on here to choose from. Its always a good idea to speak to a couple so you can compare whats said and to make sure you are comfortable moving forward.
We will help you work out how much you can now afford, talk you through all the options and help you make the best choice for you , taking everything into account.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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