I am so worried that I would loose my car

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Karen.qk
Posts: 2
by Karen.qk » Fri Jan 15, 2010 8:33 pm
Hi,

My unsecured debt is £22K. I have a car on Hire Purchase. I pay £140 pm towards the car and I need my car to get to work and back. I was advised the IVA option with the monthly payments of £200 would be the best solution and my car would be safe however I am so worried that I would loose my car. Thank you

 

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Julie
Posts: 9503
by Julie » Fri Jan 15, 2010 9:14 pm
Hi Karen,

A good IP will realise the necessity of your car and take this into consideration.

How many creditors do you have and who told you your monthly payments would be £200 in an IVA?

 

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MelanieGiles
Industry Expert
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by MelanieGiles » Fri Jan 15, 2010 9:33 pm
This happens so rarely Karen that I really would not worry about it. With £200 of disposable income, and debts of £22k, you would appear to have the basis of a very fine IVA offer in my opinion.

 

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Shining
Posts: 27023
by Shining » Sat Jan 16, 2010 8:56 am
Hi Karen and welcome to the forum, I'm assuming you've taken some advice in respect of your situation?

If you've not yet spoken to an IP then why not take a look at www.iva.com for a list of companies and some reviews and talk to at least 2 or 3 of these and get the best advice available specific to you.

The professionals who post on forum do come highly recommended.

All the best.
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