help please

Legacy_user

hi im looking into an iva as my cicumstances have dramically changed.
i av loans store cards overdrafts around 19000
i have also recently took out a new car on pcp 35000k
literally a month ago.
any advice as volkswagon want 17500 if i give the car back
they also gave the option of me sellin the car but even so a stil would owe them around 10k
can this be included in a iva
please help any advice would be much appeirated

sourcrates

Hi,

Obviously it would help to know your circumstances, but that aside, if you give the car back, the shortfall can be a qualifying debt in an IVA yes.

Suggest you talk to stepchange about this, as they have the lowest fee structure for IVA’s more or less, I assume bankruptcy is not an option for you ?

fatbelly

The relevant questions are

do you own your own house?
if so, has it got equity?
do you have a job that would be affected by insolvency?

If no to those then bankruptcy would appear to be the way forward but if you want us to look at things in more detail you could post a statement of affairs (link is to a calculator, please format for mse)

System

hi thank u for replaying i own my home but no equity
reason im in this mess is i will be coming out of work which i have been in my job for 10 years
to look after my son as a carer so our income as a family is dramtically reduced liike
he gets dla alllowence so i will be able to apply for carers alowence

fatbelly

OK, so bankruptcy would be a bit of a gamble. The gamble would be that there would still be no equity (or at least less than £1000) three years into your bankruptcy.

When you only have benefit income, will you be able to keep up the payments towards your mortgage, and the IVA?

System

hi i really dont want to go down the bankcrupcy route behonest.
wifes income and are benefits dla carers child matience and universal credit will come to 2450
bills 1k
everyfing else food clothes fuel etc 800
joint loan 300
wifes loan 100
50 to mum what i owe her

so around 200 spare as quick estimate

Willing2Learn

Mullery wrote: »

… wifes income and are benefits dla carers child matience and universal credit will come to 2450
bills 1k
everyfing else food clothes fuel etc 800
joint loan 300
wifes loan 100
50 to mum what i owe her

so around 200 spare as quick estimate

A quick estimate is not good enough when you are making these types of important financial decision that will effect you and your family for a number of years. Calculating you monthly budget demands accuracy, otherwise you may end up making the wrong decision. As fatbelly said earlier, you need to complete a Statement of Affairs (SOA), so that you know exactly where every penny goes.

http://www.stoozing.com/calculator/soa.php

System

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 280
Partners monthly income after tax....... 1380
Benefits................................ 390
Other income............................ 400
Total monthly income.................... 2450

Monthly Expense Details
Mortgage................................ 570
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 70
Gas..................................... 40
Oil..................................... 0
Water rates............................. 58
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 15
Internet Services....................... 25
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 12
Car Insurance........................... 80
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 50
wife loan............................... 100
family loan............................. 50
join loan............................... 300
Total monthly expenses.................. 2295


Assets
Cash.................................... 0
House value (Gross)..................... 154000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 159000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 138600...(570)......2.4
Total secured & HP debts...... 138600....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
car debt.......................10000.....460.......3.4
creation.......................5000......180.......0
catalogue......................3000......80........29.9
overdraft......................1000......32........29
Total unsecured debts..........19000.....752.......-


Monthly Budget Summary
Total monthly income.................... 2,450
Expenses (including HP & secured debts). 2,295
Available for debt repayments........... 155
Monthly UNsecured debt repayments....... 752
Amount short for making debt repayments. -597

Personal Balance Sheet Summary
Total assets (things you own)........... 159,000
Total HP & Secured debt................. -138,600
Total Unsecured debt.................... -19,000
Net Assets.............................. 1,400

System

bottom ones the right one
sorry for confusion

sourcrates

Have removed the others from your post.

System

not sure how to ive tried like