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Considering entering an IVA
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Hi Guys
I'm looking for a little advice, I seriously considering entering into an IVA to take control of my debt. But wanted a little advice 1st, I have a car that was bought for me a couple of months ago by a family member, the car is still in my family members name, and she is legal owner of the vehicle, however I pay insurance, tax and fuel it. So effectively her car legally but I drive it, fully road legal. Would I still have to declare I have a car even though it is not legally mine, but paying insurance in my name for it. When it also comes to the insurance renewals on the car, would my premiums skyrocket because I'm in an IVA, additionally would my debtors reject my IVA proposal or seek making me bankrupt because they could see on my credit file I'm actively paying for a insurance premium monthly.
Secondly, I have a loan with Voyager Alliance credit union, and I make payments via payroll deductions. I would obviously be looking at adding this loan/debt to my IVA, but would the credit union try and take as much as they could via my payroll deduction in attempt to clear some of the outstanding balance before the IVA commenced? Or would a DMP be a better option. my debt is around £7k, I'm not sure if there is a threshold on how much debt you need to be in to have an IVA
Thanks in advance for your advice.
I'm looking for a little advice, I seriously considering entering into an IVA to take control of my debt. But wanted a little advice 1st, I have a car that was bought for me a couple of months ago by a family member, the car is still in my family members name, and she is legal owner of the vehicle, however I pay insurance, tax and fuel it. So effectively her car legally but I drive it, fully road legal. Would I still have to declare I have a car even though it is not legally mine, but paying insurance in my name for it. When it also comes to the insurance renewals on the car, would my premiums skyrocket because I'm in an IVA, additionally would my debtors reject my IVA proposal or seek making me bankrupt because they could see on my credit file I'm actively paying for a insurance premium monthly.
Secondly, I have a loan with Voyager Alliance credit union, and I make payments via payroll deductions. I would obviously be looking at adding this loan/debt to my IVA, but would the credit union try and take as much as they could via my payroll deduction in attempt to clear some of the outstanding balance before the IVA commenced? Or would a DMP be a better option. my debt is around £7k, I'm not sure if there is a threshold on how much debt you need to be in to have an IVA
Thanks in advance for your advice.
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Comments
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£ 7 K debt, hold on who has advised an IVA? Have you spoken to one of the debt charities?If you go down to the woods today you better not go alone.1
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actually speaking to Stepchange now, my wife is in an IVA and have seen how beneficial it is in terms of clearing unaffordable debt. hence the reason i am considering entering 1 myself.0
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No, no, no never ever....7k ???? Is nothing, and certainly not enough debt to enter an IVA.
IVA’s are designed for homeowners with massive debts, and an asset to protect, who can’t go bankrupt.
Unless your debt is north of 40k, look at debt management.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter2
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