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Advice

Gibb123
Gibb123 Posts: 1 Newbie
in Loans
My situation is I am working for an agency and my pay fluctuates between 250 to 300 weekly, I have a 8grand loan on a vehicle I drive and a 5 grand loan on a boat.

Now on the boat loan I threatened the bank on defaulting on it which was the Halifax loans department, since doing that they have seemed to wiped off all the interest from it, first off I want to know is the interest gone for ever because I actually never did default??

Secondly my car loan is with admiral and with a very low apr shall I pay the admiral loans first now because that’s still got interest on it, and leave the Halifax loan??

My other option I was considering is taking out an iva? But would they say sell the boat and sell the car??

Thanks James

Comments

  • sourcrates
    sourcrates Posts: 32,434 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Hi,

    No one can answer the first question except the Halifax, as for question 2, should you not be paying the car loan anyway ?

    13k too small a debt for an IVA, if I was you I’d post a full SOA on debt free wannabe, then your situation can be looked at in more detail.
    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-letter
  • fatbelly
    fatbelly Posts: 23,668 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Also check what you've signed up to - it makes a difference if it is hire purchase or conditional sale rather than just a loan

    Would you consider selling the boat if you were able to?
  • System
    System Posts: 178,415 Community Admin
    10,000 Posts Photogenic Name Dropper
    You can't afford the boat so sell it. You can't really afford the car but you need a car to get around.

    Even if you could get an IVA chances are if the loans are secured on the boat and the car they'd get taken away by the finance companies.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Just pay what you owe, if you cannot afford to on £300 a week and still live then sell the boat and car and buy a cheaper car and get your debt down - do you really need a boat to live?

    I doubt you need an IVA as you can sell non-essential stuff and buy a cheaper car to get to work.
  • bigisi
    bigisi Posts: 925 Forumite
    Someone else wanting a champagne lifestyle on lemonade money but not actually wanting to use any of their lemonade money to pay for it.

    We seem to be becoming a nation of leeches.
  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    1,000 Posts Combo Breaker
    A boat :rotfl:
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    Obviously a wind up, he's now sailed off into the sunset.
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