Should my son do an IVA

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richard874
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by richard874 » Thu Sep 06, 2018 12:07 pm
My son had run up debt up to £16,000 roughly from Credit cards payday loans and a car finance loan, He still in employment But lives at home still is it best to try and get it IVA set up for him .
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kallis3
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by kallis3 » Thu Sep 06, 2018 12:12 pm
He could do a DRO for that amount but speak to a few companies before making any decisions.
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Foggy
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by Foggy » Thu Sep 06, 2018 12:17 pm
As Kallis says, a DRO or even a Debt Management Plan might eb more suitable and worth investigating first.
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Keith White
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by Keith White » Thu Sep 06, 2018 12:55 pm
A little depends too on whether your son plans to keep the car that is on finance. On most car deals the finance is secured on the car and could not be included as a debt. I suspect this would be a problem in a DRO. But certainly an IVA or a Debt Management Plan are potential solutions. So much depends on his income and outgoings.
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Lisa Thomas
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by Lisa Thomas » Thu Sep 06, 2018 1:39 pm
He should explore a DRO - as Keith says he needs to be prepared to potentially lose the car and all the other ramifications of a DRO.

Alternatively he needs to take a good look at his finances, stop spending on credit and work out a plan to pay his debts off.
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