panic time

bikerqueen

If the banks are losing money on the debts (as with an IVA he wont be paying them back the full amount they lent him) then yes, it is right that he sells the car and pays them back nearer the amount they are owed.

If you can post an SOA, and cut the amount down, even if it means going on a ~DMP so you are paying them back the full amount (albeit over a longer period than they would like) then no, it is not fair and he should be able to keep the car.

Simple really.

Toomuchdebt

I agree with everyone else-sell the car-he can always start again once the debts are paid off.

sultry33

Hi everyone, well just to update you, he had talk with his advisor and they say car may be safe.

i talked to him about selling and starting again when debts cleared and he said that to get out of debt if he had to then he would.

so fingers crossed.

well luckily im debt free, never had credit and never wanted it, but i can see how easy it is to get into debt.. my god his debt was double what he thought it was. good job we had that talk eh so he realised just how much debt he was in.

thanks for advice :-)

duncans-mum_2

Thats good to hear. Nice to know that he is commited enough to getting debt free if he is willing to sell it, to secure your future together.:beer:

Dolly_Smith

good - it's very hard (my dream is to own a maserati but it's just tough!!) but he's doing the right thing. I love my car but if I really had to do it, it'd go without touching the driveway

mrs_deadline

Is there anyone close to him, friend or family who understands what it means to him, who he could sell it to to keep it safe for him? and let him buy it back when the debts are clear?

sultry33

yea thats what he is trying to do.. his dad is thinking of buying it but obv that means really still be his as he drive it... parents eh

dancingfairy

Maybe if he really, really,really wants to keep the car he will sell everything else in order to pay off the debts etc, it may be that even living on the basics he can still not afford it- in which case it would probably have to go.

DontDoDebtKids

Mirtos wrote:

So why not look at it as 'wow', 'I've done that now. How cool. What's my new dream gonna be?' Then he can sell the car, and look forward, not back. It's a very expensive toy, and I think there are many more worthwhile dreams he could find for himself.

I second this!