IVA help - Car finance

sourcrates

Clouds88 wrote: »

Why are you even in an IVA if that is the case? I would cancel, save up money for an old car, less than £1,000 then go bankrupt. Have you sought advice from debt charities? I thought IvAs were more for people who had a house as an asset to protect

Annie35 wrote: »

If you do consider sacking it off & going br, check if you're eligible for DRO as the fees are massively different £90 vs £680 !!)
OP, what car is it? I do understand your reluctance to let it go, but don't let this stop you being free

littlebigno wrote: »

I’m in the Iva because I’m stupid and didn’t research my options,

What’s a IPA and DRO?

It’s a fiesta, I’ve no hassle in letting it go but it’s just the fact I can’t get to work otherwise,

A early is a 5 or half 5 start and a late is a half 11 finish, That’s not flexible with my job role either, And includes weekends, I live rurally a bus route does not cover anywhere near the times and would be multiple buses,

It’s atleast a 2 hour walk each way on a good day,

I gave up my motorbike with the IVA as you can’t have more then one mode of transport as it’s considered a luxury, I also wouldn’t want to ride through the winter so it was the better option to keep the car and hand the bike back

How much debt are you actually in ?


Failure of an IVA, despite what your IP may say, is not a guarenteed bankrupcy, far from it, things just go back to where you were before, other options are still available to you.


Usually an IVA is recomended for people with assets to protect such as a house, and who also have massive debts, and cannot go bankrupt.


If your debts total less than 20k then a debt relief order may be a better choice, but there are quite strict budget controls to concider, of course there is bankrupcy and debt mangement as well, first we need to know exactly how much debt you are in.

littlebigno

sourcrates wrote: »

How much debt are you actually in ?


Failure of an IVA, despite what your IP may say, is not a guarenteed bankrupcy, far from it, things just go back to where you were before, other options are still available to you.


Usually an IVA is recomended for people with assets to protect such as a house, and who also have massive debts, and cannot go bankrupt.


If your debts total less than 20k then a debt relief order may be a better choice, but there are quite strict budget controls to concider, of course there is bankrupcy and debt mangement as well, first we need to know exactly how much debt you are in.

Not including the car just under £25,000 went into the IVA,

Making it even worse is the amount

sourcrates

littlebigno wrote: »

Not including the car just under £25,000 went into the IVA,

Right, so your options are, try and carry on with the arrangement, maybe ask for a payment break, use the IVA payment money to buy something cheap and reliable, you can get cars on facebook market place from a couple of hundred quid, yes you have to be careful, but it is possible to do.

Let the IVA fail, again, keep the car, or return it, save up and buy something cheap.

If it does fail, you could tackle the debt by either debt mangement (keeping the car) or bankrupcy, if the car you buy is worth less than say £1500 the OR will not be interested in it.


To be fair, this was always going to be a problem for you, thats why its so important to get the right advice where debt is concerned.

littlebigno

Sorry to bring this back up,

I’m getting no future in my situation,

I tried to speak to a debt charity but because I’m in a IVA which is legally binding they can’t offer any advice until it’s terminated either by me or Creditfix,

I’m currently turning into a hermit, Doing not much at all so I can concentrate on trying to find a cheap cheap car with a year or close as MOT and then work on the difference of what my current car is worth and what I still owe on it,

I know if I come out I’ll be paying a lot more but the car going would free £312 up and allow me to also clear two of the other smaller debts pretty quickly allowing me to concentrate on the remaining two debts,

I guess creditfix will charge me if I terminate the IVA? Also the same if I fail it with trying to save and not spending on what is budgeted?

Is there anything else when you terminate a IVA?

I obviously need to contact the companies I owe as well to find out what they want me to pay if leaving the IVA but I also guess they won’t speak to me till I actually leave the IVA?

I wish I hadn’t rushed in but another lesson learned and another reason I’m so determined to clear this situation up and become debt free once and for all