£77k debt
Options
memorylane
Posts: 1 Newbie
Hi all
Keep this short and sweet, horrible I know. But nobody is here to judge.
Currently on DMP through stepchange paying £768 a month, i'll be debt free in 8 years 5 months.
Spoke to my advisor, currently considering an IVA.
Will this affect my car finance?
Whats your thoughts? Keep on the DMP or go for the IVA.
Keep this short and sweet, horrible I know. But nobody is here to judge.
Currently on DMP through stepchange paying £768 a month, i'll be debt free in 8 years 5 months.
Spoke to my advisor, currently considering an IVA.
Will this affect my car finance?
Whats your thoughts? Keep on the DMP or go for the IVA.
0
Comments
-
Short and sweet answer hopefully.
No, it shouldn't stop one being drawn up.
The beauty of an IVA is that individual oddities can be taken into account
You will still need 75% of creditors, by value, to agree to it but a good IP should advise you on that.
That's a lot of debt. Another option, if you're not a homeowner, is to get yourself a usable car <£1000 and go bankrupt. Only 36 payments in a bankruptcy IPO, compared to 60 in an IVA0 -
Hi,
If it’s an HP agreement then it would be concidered a secured asset, as long as it was not an overly extravagant vehicle you were paying for, your creditors may allow it, benchmark figure is around the £10,000 pounds mark.
But, bear in mind if there was some kind of final balloon payment, you would need to provide details of how you intend to fund it.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-letter0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards