panic time

sultry33

my bf has just been told that creditors might want him to sell his car.

it is japense racing car... his dream car so he is totally gutted, espically as he has spent loads on it.

i know some may think he should but there must be another way?

he is going through the IVA route, and is awaiting creditors meeting.

any suggestions? he is agreeing to monthly payments and is going through payplan.

Mirtos

I guess, if he wants to repay his debt, that's what he needs to do - I know it probably isn't what either of you want to hear, but all that debt came from somewhere - and if he used debt to pay for stuff for the car, then it was never really his anyway, if you see what I mean. Why not try posting an SOA (see southern scousers sticky thread 'guide for first time posters' that's at the top of the forum for a guide) detailing ALL your / your bfs income and expenditure, as well as the debts, interest rates and minimum payment amounts, then we'll see if we can save you /your bf some money there. On the face of it though, selling the car seems like a good plan to be honest - it can only depreciate in value with use, and unless your bf is a professional racing driver, what does he need a racing car for?

sultry33

its mainly a show car, but we use it for cruising and holiday etc.
think he is going to call payplan about it .

trouble is over the years he used credit to pay for almost everything and anything, and now since overtime decrese and longer travelling time to work he got into debt.

i been with him 2yrs so debt was well and trully there before me, but i suggested he sort his debts out , espically as i have none, and to make commitment with him he needs to be more in control of his finances.

i just really hope he doesnt have to sell his car.

Pobby

I would imagine that if the car has some value then he will have to sell it.Clearly if he is in debt then why should he be allowed to keep it when in an iva.Sorry but thats the way it is.

sxi-kenny

tell him to sell it, he can alway buy another one

my pal sold his skyline which was his price and joy to help get him out of debt and he hasnt looked back, he now has no debt and could probably buy another one right now if he wanted

Murtle

As mentioned above, do an SOA and we'll see if there is any other way then an IVA. Who is he doing the IVA with???

sultry33

i can see what you are all saying, but surly if he is agreeing to make the payments set by payplan then he should not have to sell, i mean i know he could buy another but he is sponsered by car companies for work they have done on it and its mighty sexy.. biased yes i am .

it would be like telling jordan to sell here bobbies if she got into debt.. bad example yes probably but can you see what i mean?

he does not smoke/drink , his social life is based around his car so can he not live the dream.

yes its a skyline, was basic but now modified :-)

sultry33

Murtle wrote:

As mentioned above, do an SOA and we'll see if there is any other way then an IVA. Who is he doing the IVA with???

payplan

would do SOA but he would have to do it, i tryed and did it wrong oops

duncans-mum_2

I can totally appreciate where you are coming from. Its a hobby to some people, modding the car, going to meets and shows etc, and like you say, is a way of life. I know, have been there. BUT... it is also the same as other people who have run up debts for other reasons.. buying too many shoes, having to have the latest electrical gadgets etc etc. A change of lifestyle has to come into it somewhere along the line, as hard as it may be. I guess depending on his level of debt, and what he is able to afford to repay each month, selling the car may help resolve it quicker. Is the car on finance? or is it owned outright and its just loans/ credit card bills that have paid for the modifications? If the latter, then I guess it is no different to people that have the wardrobe full of shes or house full of gadgets, but these people also do look at selling off their items on ebay to make that extra money. It boils down to how strong your LB moment is. Because ultimately he may not afford to go to shows anyway/put petrol in the (very juicy) motor if there is no money left over.

sultry33

Hi he does sell off his stuff on ebay which finances car now, petrl etc, but initally he had some inheritance from his nan so used that towards buying car and since then he got consilidation loan few yrs ago to manage his cards.

it is mainly hobbie as only comes out in car show seasons, but its his only hobbie and id hate him to sell for his sake as its his dream.

may sound silly to some but thats how it is, he lucky that i understand him eh.

he is agreeing to payments set by payplan too.

sanfrancisco

If he has an arrangment through Payplan then his debts will have likely been frozen. This means that your boyfriend has not kept up with the agreement that he signed. The banks are loosing out, so they therefore will try to get as much money as possible back from your boyfriend.

He should sell the car. Seems he has not got his lightbulb switched on.