Iva?? Secured Loan???? Doh!

garyj123

Hi everyone, been on here before and got lots of good advice but need a little more if anyone can help?
I have een in touch with CCCS and filled out the form and got my personal debt booklet from them. The only thing is that the budget they worked out only included my unsecure debt. I have a secured loan too and that was not included. To be honest this is the biggest and most expensive one out of the lot. Someone said i cant have a iva if i have secured debt? is this true? if so is there any other options availale for me?
The loan i had was for 10,000 originally paying 192 monthly. Things happened and they reduced it for me to 105 then every 6 months have a review and usually up it a bit. I am now paying 127 a month.
I have had this loan since 2001 and last time i looked i still owe them 18,000!!
As you can see, this loan is just going up and up and now 8 years later i owe them almost double what i borrowed.
Any help and advice would be appreciated, would bankruptcy be a option? as in another 8 years time i may owe them about 30,000!
thanks in advance

HHH_2

bumping for the day people to see

Bismarck

garyj123 wrote: »

Hi everyone, been on here before and got lots of good advice but need a little more if anyone can help?
I have een in touch with CCCS and filled out the form and got my personal debt booklet from them. The only thing is that the budget they worked out only included my unsecure debt. I have a secured loan too and that was not included. To be honest this is the biggest and most expensive one out of the lot. Someone said i cant have a iva if i have secured debt? is this true? if so is there any other options availale for me?
The loan i had was for 10,000 originally paying 192 monthly. Things happened and they reduced it for me to 105 then every 6 months have a review and usually up it a bit. I am now paying 127 a month.
I have had this loan since 2001 and last time i looked i still owe them 18,000!!
As you can see, this loan is just going up and up and now 8 years later i owe them almost double what i borrowed.
Any help and advice would be appreciated, would bankruptcy be a option? as in another 8 years time i may owe them about 30,000!
thanks in advance

sorry to hear about the problem. sorry to ask the obvious but why was the secured loan not included in your budget when it would take up such a chunk of your disposable income?

I'm sure someone else will ask this so is it worth you putting your SOA on here so that folks can try and help...especially if you're talking about BR / IVA.