Thanks Andy and skippy for those comments. And sorry kallis3 for being so abrupt. Its getting to me a bit. I've always been a little impatient but although I have no assets to speak of I do have a car on HP and I need a reliable vehicle for work and bankrupcy would take that away from me. So I will opt for the IVA. The HP should be included according to VB
No problem Pugwash, I know how stressful this time is.
VB will help you out. Make sure that you are happy with the route you choose.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Why do you assume that you would lose your car? Cars up to a certain value are generally left along under bankruptcy proceedings, and most hire purchase companies will let the agreements continue providing ongoing payments are made and the OR agrees with the level of those.
It's good to see that you are fully researching all of your options. When I am dealing with an indecisive client, it sometimes helps to let them know that if the IVA doesn't work out then bankruptcy is always an option available to them - but of course we would rather deal with committed clients from day one.
You have a great company supporting you right now - so why not take a few more days to mull over the options and then make a decision when you are happy that you are ready.
Hello Melanie
I have a car of approximately £6000 value retail £8000 when I bought it 18months ago. Is that a value which would be left alone. Still 3 years to pay on HP £200 Per month.
And thank you for your advice
The HP payment is relatively low, and there is no equity in the car at present, so I would say that you have a pretty good chance of being able to retain that under bankruptcy proceedings - and in an IVA, you will simply continue to pay the HP payments - increasing your payments into the IVA when the HP agreement concludes.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
