chance of keeping my car???

mia1830

Hi,

I can sit here for hours reading posts and finding info out on IVA's this site is amazing and different questions pop into my head all the time. One question is my husband and I have a joint loan with black horse for around £7000 and HP with them to for a car which I got last yr I'm sure it probably worth about £5000 now, what does anybody think the likelyhood is of me keeping the car if I go down the IVA road they are our biggest debt? A fool is so easly parted with her money, a fool no more when I ever sort this out!I will need it for work and my husband uses to for work. Do they look at the distance you travel, its far enough but could probably cycle it in an hour. thanks in advance for any replys.

Barkley_2

Hi

I was asked what car I had and an estimated value. If the car is worth quite a bit, they may ask you to sell it and get a "cheaper" car and give all or part of the money left to your creditors. It all depends on what the creditors want if they make changes to your proposal. Just keep in mind that to go down the IVA route, you need at leastr £15,000 worth of debt even as an individual or as a couple if you opt for a joint (interlocking) IVA

mia1830

hi,

yes we are looking at around £33,000 in debt, really bad but could be alot worse. i don't understand how i could sell the car and get a cheaper one though if it's still on HP, do you know what way that would work? i really don't mind down grading it if i have to though i do love my wee car but hey i have to make cut backs since it was my fault we are in this mess!! if anyone knows how this works that would be great, i still have 3yrs left to pay on it at £156 pm so thats £5156, thanks in advance for any help

trudij

I think if its on HP you have it as part of your allowance - BUT when you finish paying the HP, that payment has to be made into your IVA as well.

3431Anna

mia1830 wrote: »

Hi,

I can sit here for hours reading posts and finding info out on IVA's this site is amazing and different questions pop into my head all the time. One question is my husband and I have a joint loan with black horse for around £7000 and HP with them to for a car which I got last yr I'm sure it probably worth about £5000 now, what does anybody think the likelyhood is of me keeping the car if I go down the IVA road they are our biggest debt? A fool is so easly parted with her money, a fool no more when I ever sort this out!I will need it for work and my husband uses to for work. Do they look at the distance you travel, its far enough but could probably cycle it in an hour. thanks in advance for any replys.

My husband has just had his IVA acepted and they didn't mention anything about his car or mine for that matter (which is in his name)