Going IVA, Mortgage, and Car

newboy11

Hi everyone,

I am hoping you can share your views and experiences with me which hopefully in turn will help me settle my nerves.

I am considering taking IVA over 30k debt but concerned can be asked to sell house or car. Car is coming to 12years old Yreg and with house had the mortgage in 2010 for 113k and still over the 2 years on my mortgage bal is 109k so assumed no equity as similar house is being sold aroung for £109k.

1. Do you think Creditors can ask for the house or car to be sell? All Debt are unsecure ones.

2. If I go IVA will it affect my Tax Code with work/employer?

3. How long does it take to switch bank account?

Any advise on above will be highly appreciated.

Thanks

FoggyBrain_2

Hi. In breif:

1) You will, most likely be able to keep house and car. Your mortgage payments and car running costs will be factored in to your expense allowances.

2) If yiou are PAYE your tax code will not be affected at all.

3) If co-op aren't one of your creditors their Cashminder is quick and easy to open over the phone. Takes a few days to get account details and cards sent then Robert's yer mother's brother :-)

Chat to a few companies to compare advice and see who you feel comfortable with. A decent company will discuss all options with you. Don't use an introducing company and don't go with any company which approaches you out of the blue.

Best of Luck

Gimpsdad

Talk to as many people as you need to.

Run like hell from anyone that tries to tell you to do a DMP.

newboy11

All many thanks for your views and advise. Is it worth having a chat with the CCCS about it? Thanks

Depth_Charge

newboy11 wrote: »

Hi everyone,

I am hoping you can share your views and experiences with me which hopefully in turn will help me settle my nerves.

I am considering taking IVA over 30k debt but concerned can be asked to sell house or car. Car is coming to 12years old Yreg and with house had the mortgage in 2010 for 113k and still over the 2 years on my mortgage bal is 109k so assumed no equity as similar house is being sold aroung for £109k.

1. Do you think Creditors can ask for the house or car to be sell? All Debt are unsecure ones.

2. If I go IVA will it affect my Tax Code with work/employer?

3. How long does it take to switch bank account?

Any advise on above will be highly appreciated.

Thanks

Hi

In line with what others have said get proper independent impartial advice on all your options preferably from an agency who do not have profit in mind such as CAB, CCCS & National Debtline.

Make sure you fully understand what you have been advised including any fees, implications and risks especially where any assets such as your home are concerned.

If you do eventually decide on an IVA then perhaps consult 2 or 3 companies and compare bearing mind that a number do not charge up front fees.

Useful links below that may help

http://www.cccs.co.uk/

http://mymoney.nedcab.org.uk/moneyadvice/

https://www.mymoneysteps.org/

PS - it is absolute utter nonsense and possibly dangerous to discount any debt remedy / solution before you have had full proper advice based on all your circumstances.

newboy11

Depth Charge, Many thanks for that advise. Very much appreciated. I will contact the CCCS, CAB and National Debtline and see what they will advise. This is a huge worry for me, affecting my life and family.

Any further advise from anyone who has been through it will be highly appreciated. Thank you all.