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Considering an IVA
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Glamourpuss23
Posts: 365 Forumite
in IVA & DRO
Hi everyone,
I am applying for an IVA but really want a DRO. They said my affordability isn't low enough for a DRO.
I don't drive now but will be getting a car in 2 months time. It is worth £3,000 and will be gifted to me from my dad because he doesn't need it anymore. I will need to pay for petrol, tax, etc which will change my affordability. Will they factor this in to what I can afford?
I worry that if I agree to an IVA that it will mean I won't be allowed a car in future.
I am applying for an IVA but really want a DRO. They said my affordability isn't low enough for a DRO.
I don't drive now but will be getting a car in 2 months time. It is worth £3,000 and will be gifted to me from my dad because he doesn't need it anymore. I will need to pay for petrol, tax, etc which will change my affordability. Will they factor this in to what I can afford?
I worry that if I agree to an IVA that it will mean I won't be allowed a car in future.
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Comments
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The people who do IVAs don't do DROs and vice versa, generally speaking.
So it sounds like you've spoken to an IVA firm.
Can we ask who it was?
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Do you have a mortgage? If the answer is no run a mile from these people.
How much do you owe in total?If you go down to the woods today you better not go alone.0 -
Money Wellness. But after browsing this forum I think I've made a mistake in pursuing it with them. Should I avoid them completely?fatbelly said:The people who do IVAs don't do DROs and vice versa, generally speaking.
So it sounds like you've spoken to an IVA firm.
Can we ask who it was?0 -
Well they are the exception. Basically an IVA firm who got a huge government contract to provide DROs.
However, it seems they may want to have their cake and eat it, as the saying goes.
When you have your car running and paid for, try CAB. They won't try to sell you something that nets them thousands in fees1 -
I've been told I can get an IVA but am still hoping to push for a DRO with another debt charity.
But this only just occurred to me...
On my payslip I have a £83.33 payment each month back to my employer because I signed up to a Tech scheme so I could get a new fridge and washing machine as both broke down in the same month. It's as simple as they give me the voucher and I pay it off monthly for 12 months. It's not a form of credit as I don't pay interest on it.
I'm worried that I made a mistake taking this out and it's too late to cancel it as I've already paid back the first month.
Will I have to mark it down as a debt I owe?
And it reduces how much I earn for a year so what will the debt advisor say? Does it affect my chances of a DRO or even an IVA?
I'm just confused on where I stand with this.
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This is probably better off merged with your other thread.
https://forums.moneysavingexpert.com/discussion/6561353/considering-an-iva#latest
All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.0 -
I made another thread I've been told to merge but don't know how to. I created two topics in order to not make it complicated when I have two seperate questions.
It's about a salary sacrifice coming out of my wages and how it affects my ability to get one.
https://forums.moneysavingexpert.com/discussion/6561353/considering-an-iva#latest
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It has to be merged by one of the mods. Let the employer loan complete, then do the sums and see if you can get a DRO0
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Merged for you.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-letter1
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How much did MW say you have as spare income?
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