Hi, I am very new to all this. Be kind, please.
My partner has a car with Moneybarn and has 7/8 payments left. We are with a debt management company just setting up the plan.They recommend an IVA. Our previous dmp is paid and in my name.
What happens to the car? If you do an IVA with stepchange? totally confused. Thank you,
Stepchange will, probably, allow the payments for the car to continue and increase the IVA payment by that amount when the car is paid for. The car loan itself will not be included in the IVA as is it secured lending. This, of course, depends on Moneybarn agreeing to continue the arrangemebt you have with them -- which is likely as Moneybarn do specialise in loans to those with bad credit.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk