I've taken out a log book loan

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stephen576
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by stephen576 » Fri Jul 06, 2018 3:41 pm
I've taken out a log book loan on my Ford Focus eco turbo owe approx £4000 but have been told by a garage that the car engine is not repairable and to replace would be unaffordable for me as a Pensioner . How will this affect me if I apply for an IVA
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Ryan
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by Ryan » Fri Jul 06, 2018 3:49 pm
Hi Stephen,

Is the loan the only debt that you have as entering into an IVA for only £4,000 probably wouldn't be advisable?

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Foggy
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by Foggy » Fri Jul 06, 2018 3:52 pm
stephen576 wrote:
I've taken out a log book loan on my Ford Focus eco turbo owe approx £4000 but have been told by a garage that the car engine is not repairable and to replace would be unaffordable for me as a Pensioner . How will this affect me if I apply for an IVA


The loan is secured on the vehicle and, as a secured loan, cannot be included in the IVA. If the loan company do not wish to rely on this security (which is practically worthless with no engine) and are willing to make it an unsecured loan, it could be included ---- but, they might have the voting clout to refuse the IVA application.
I would suggest a chat with a few insolvency firms, as an IVA might not be the best solution for you, depending on all of your circumstances.
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