I have signed the online forms for Hanover finance, I originally contacted Astute finance about my £17000 debts. I have lost my job and have only about £680 in pensions per month. I own my own flat and have an old Panda car. Yesterday they(Hanover) asked me to urgently contact them with my new bank details. I haven’t done so yet. I woke up this morning feeling really uncomfortable about it all, it seemed an underhand way to go about it. I wondered if I should contact all my creditors direct, in order not to feel so guilty. After all they lent me the money in good faith. But on the other hand I can’t afford to pay, what with the interest going on all the time.
Two things worry me, at 68 I don’t know if I will still want to be living in this Flat. What would happen if I try to buy somewhere else? Secondly, I have a poorly relative in Greece and I will need to visit him, can they restrict how I spend my remaining money?
Also I am just worried that I might lose my flat.
Help, I have no one to ask for advice.
Thank you
Margaret
If you are not comfortable with Hanover, look elsewhere --- you have to be confident that you are with the right people. Do they know your current situation, or has everything been decided based on your old income ?
You should not lose your flat in an IVA, but it might be a hinderance to the creditors agreeing to one if there is a lot of equity. In any event, you will be required to attempt to release equity towards the end of the agreement, so make sure whoever you go with explains the equity release requirements in detail.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
