Undecided on an IVA

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Claireholmes90
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by Claireholmes90 » Mon Jul 02, 2018 2:13 pm
I contacted step change for debt advice and an IVA was recommended for me. I am still undecided as I have a few more questions. As my car is on finance (as loan not HP) will this be taken away from me? I am named on my husbands current account which has a large overdraft, will this be added to my IVA? Do I pick which accounts I want included in my IVA?
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Foggy
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by Foggy » Mon Jul 02, 2018 2:20 pm
Claireholmes90 wrote:
I contacted step change for debt advice and an IVA was recommended for me. I am still undecided as I have a few more questions. As my car is on finance (as loan not HP) will this be taken away from me? I am named on my husbands current account which has a large overdraft, will this be added to my IVA? Do I pick which accounts I want included in my IVA?


You need to do far more research as well as speak to a few companies before deciding. The car loan, if not secured on the car, will be included. Being a relatively new vehicle your creditors might well insist that it is sold and a cheaper one purchased. While you are on the current account you are jopintly responsible for the overdraft, so it will be included in the IVA and your husband will still have to pay it off. This could result in the bank account being closed and, in any event, you will need to get a basic account elsewhere. Shared finances /accounts could also have an impact on your husbands credit score by association. You cannot picj which debts to include --- it is am "all or nothing" situation for unsecured loans.
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