Hi Jo.58 I have a car and it is and expensive one but I brought it on car leasing finance before I lost my job last year and pay a huge amount each month my iva went ahead on the condition that once I have paid the 4 years finance instead of paying the large ballon payment off return the car for somethink cheaper a month aound the £250 mark as your husband needs the car for work that is the same as me but to be honest I dont know how I will be able to refiance a car in 4 years while on IVA its impossible but to be honest with you Ill cross that bridge when it comes to it hope this helps because i was in foods of tears i also recieved a letter from my leasing company stating that they were going to take the car back on the 16th July due to me being in an iva contacted my supervisor who did not contact me back so had to deal with it my self and what bmw stated was as long as i keep up the payments its ok as I did notify them when i entered into the iva and they never said anythink then?? then it made my wonder recieved a letter from supervisor yesterday stating to get in touch asap regarding card letter was dated the 30th Junecontacted them to a supervisor that just does not have a clue and does not follow up anythink asked my why i had not been in touch ?? Joke please make sure you have a look around and dont go with the first company that offers you help as thats the only regret I have. Wish I had found this forum first as Melanie Giles on here is amazing and if i could swap belive me i would good luck
Your landlord should not find out. If you keep paying the rent on time and keep the property in good order I do not see it being an issue. You can rent privately direct with many landlords anyway so you could always find a new rental property that way. Your IP may also be able to provide a reference to assist with finding a new tenancy should you need it. You are right to think of these issues upfront because you can reduce future stress and problems.
With regard to the car as it is not a flash brand new motor (no offence!) an IP may let you keep it and find a way to include it in your deal.
I would personally seek advice from a couple of companies and go with who you think offers you the most reasonable and practical solution. That doesn't necessarily mean they will tell you everything you want to hear but it's better to do business with an IP thats realistic about your situation and that you feel has your interests at heart.
From what I've read on these forums I wish I'd gone with Melanie giles who's a regular poster on here. She's genuine and gives sensible professional advice. She seems very dedicated too.
Remember you are with your ip for five years and cannot change them.
You have made the first steps, the hardest part. Just think in five years time you will be debt free and able to make a fresh start but in the meantime much less stress, no letters or calls, far fewer worries.
Sorting the problem now is the best solution!
Good luck
"Just when you think that you can make ends meet, somebody moves the ends."
Jo just wanted to comment on the car HP as going through the balloon payment at moment & I'm with payplan. They said don't worry your HP company will refinance & all ok. Well guess what no they won't!!!! So you need to think how you will pay off the balloon when it's due. Once your in an IVA it's tight & getting further hp for a different car or to renew is not impossible but an APR 50%+ isn't unheard of.
An IVA for me 10 months in is not easy but much better than where I was last summer!
The road is 72months long starting September 2010.
Hi thanks Mattboy do you know how I can get in touch with Melanie? And langerbridge thank you that's good to know that's what is worrying me what do we do about the car situation???
Visit www.iva.com and look at the companies on there. Just give one or two a ring for some free and impartial advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi just had a really good conversation with Tina S feel better now, so thank you Tina for ringing me speak to you tomorrow and thanks again for all your comments and advice, hopefully now we've taken the first steps it can only get better hey, wish everyone well and thanks again. Glad I found this site x
Glad you have found a good company Jo - you are in good hands.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hey
Just thought I would give an update, after speaking to Tina on Weds we had a really long chat today. Tina was really helpful patient and understanding made me feel at ease and made me realise that our situation isn't the end of the world.
just like to say if anyone like me is reading the forums looking for advice and answers and your new to this and considering an IVA and your scared to make the call, please please do if only for advice because once you do and you can talk to someone it does make you feel even a little better. Mattboy you were right talking about it does make it better.
Thanks Tina speak soon x x
Tina helped me with her initial phone calls, made me realise I was 'normal' and I wasn't alone in my situation. worth her weight in gold is Tina. Glad you've found a good company, you'll not go far wrong with them. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
lesley_ wrote:
Tina helped me with her initial phone calls, made me realise I was 'normal' and I wasn't alone in my situation. worth her weight in gold is Tina. Glad you've found a good company, you'll not go far wrong with them. x
Lesley -- I like the reference to "Normal" there .... as it turns out being insolvent is today's "normal". Just ask Ireland, Greece, Italy, Portugal, by the skin of it's teeth UK and, now the good ol' U. S of A.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
