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IVA advice
I owe 60k on credit cards and now am struggling a bit due to phone not ringing like it used to.
Thinking of going down the IVA route only if things don't improve in the next 9 months.
Question
Wife and I both need cars for work, mine is not worth that much as it is definitely a work car, wife's is newer but she needs for her work and to take her invalided mother shopping etc so will they let us keep them? I cannot work without a car because of all the equipment I need.
Will they make us sell any assetts - we jointly own a caravan with Mother in Law can they make us sell up?
I currently lease a machine for work because of the cost new and the better tax implications, wiil this be affected?
Thanks in advance for any replies.
John
Thinking of going down the IVA route only if things don't improve in the next 9 months.
Question
Wife and I both need cars for work, mine is not worth that much as it is definitely a work car, wife's is newer but she needs for her work and to take her invalided mother shopping etc so will they let us keep them? I cannot work without a car because of all the equipment I need.
Will they make us sell any assetts - we jointly own a caravan with Mother in Law can they make us sell up?
I currently lease a machine for work because of the cost new and the better tax implications, wiil this be affected?
Thanks in advance for any replies.
John
If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:
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Comments
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Hi John
We were able to keep our car which was still on HP as we gave reason why we needed it, also it was written into our IVA once the HP payments finished this was to be paid to IVA thereby increasing our payments.
Are both cars owed outright or are any of them on HP ?TOTAL 44 weeks lose. 6st 9.5lb :T0 -
Both owned.
Worried about the lease on the machine which is a must for work.
Also don't suppose they can touch the caravan as it's not all mine.
JohnIf God didn't want us to eat animals, why did he make them out of meat. :beer::beer:0 -
Hi there.
Unlike in bankruptcy you cannot be "made" to sell any of your assets in an IVA. The idea of an IVA is that you make a proposal to the creditors and they make a decision on whether they want to accept it or not.
If they feel that the cost of running two vehicles and the cost of leasing the machine for work are too substantial, they may decide not to accept the proposal for the IVA and as a result it cannot go ahead.
The only other scenario where an IVA would not be possible due to your assets would be if their total value exceeded the amount you owed in debt. In this case you wouldn't be classed as insolvent and an IVA would not be possible.
Hope this helps,
Matthew.I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.
CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.0 -
Thanks for that.
JohnIf God didn't want us to eat animals, why did he make them out of meat. :beer::beer:0 -
The equity in my house exceeds my debt but the mortgage company aren't going to lend me £60000 on a re-mortgage.
JohnIf God didn't want us to eat animals, why did he make them out of meat. :beer::beer:0
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