iva help

Legacy_user

hi i was just wondering will it effect an iva getting accepeted by creditors as alot of my debts is very recent and pretty large loans as i dramactically had a serious change in circumstances

foxy-stoat

Depends how recent, how much are you talking about and what did you spend the money on.

foxy-stoat

https://forums.moneysavingexpert.com/discussion/5984346/help-please

I would stick to one thread - saves repeating all the relevant information.

System

very recnt 2month ago we got a loanfor house improvemnt and i took out 35k car
tryna sort summat out and not goinf down the iva route but gona be difficult

foxy-stoat

You should still have the £18,000 in cash then? Or have you already improved your home?

You wont be able to keep the car, so VT it now.
You wont be able to service £56,000 worth of debt + pay for a £35,000 car on PCP on just the income stated on the other thread.

System

sorry the car a can sell with permission and i wil prob by around the 12k i wil owe
i have joint loan over a year ago this was used for all sorts paying off excisting loan etc
i have just got a new sofa and bed and wife got a loan couple month ago which we spent on the house. I am still in my job at work but im goin have to leave very soon unfortuatly so i am just weighin my options up
cant stop worrying behonest

foxy-stoat

You wont be able to sell the car to a private or trader with outstanding finance on it.

You need to VT it now and let them charge you upto 50% of the purchase price, that will go onto your IVA when you default.

Stop paying all your debts and save the money ( I would use it to give back to your Mum as doubtful that the loan can be included ). When you have defaulted for as long as you can say 4 months then look towards an IVA.

Good luck with it all.

System

thank you its wot the company told me sed i can sell to a dealer n what left will be unsecured loan.
ye a werent gona defualt was just gona go through iva route knowing i wont be able to pay for debt when i leave my job. Ive never missed a payment in my life i only took out loans what i could afford to pay like
a just dnt want letters n letters threathening court and people turning up my house
was just gona try to get infront of it like
am not sure what to do
wish could turn bk time 3month ago and not got the loan and car