I have taken a big drop in my income

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Post by Beth.yb » Tue Jul 06, 2010 12:29 pm
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.

Michael Peoples

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Post by Michael Peoples » Tue Jul 06, 2010 12:32 pm
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.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com

Tina Shortland

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Post by Tina Shortland » Tue Jul 06, 2010 2:17 pm
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, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
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