IVA Income and Expenses form

sourcrates

In most cases, IVA`s are intended for those who have an asset to protect, such as a house.

You have no such assets, so why did you choose an IVA?

Did you consider bankruptcy? if so, why did you reject that?

Seem`s like a lot of time, effort and money, for no real reason other than to line your IP`s pockets.

ste8765

The only asset is my car. I was scared to loose this, and. Have to pay for a really cheap car.

Above is the real reason I didn’t want to go bankrupt 

flipflopflo

How much is your car worth?

Owned outright? HP? Or some other type of credit?

ste8765

£5600 my car is worth now.

ste8765

I have 2 years left and wondering if I should stick at it. As my original debt is £40,000?

sourcrates

ste8765 said:

I have 2 years left and wondering if I should stick at it. As my original debt is £40,000?

Now you are this far into the arrangement, it would likely be folly to do anything drastic here.

Your only other realistic option was bankruptcy, and you have dismissed that idea, so I would commit to finishing my IVA now.

Just be aware of the equity clause in your IVA, in year 5 homeowners are asked to re-mortgage for the benefit of their creditors, those who are not homeowners, or who can`t re-mortgage, face another year of re-payments usually.