Are you on about taking this loan out and still pursuing an IVA?
If so then be careful as it won't look good if you take out more credit knowing that there is no intention of paying it back.
It's something you really need to think long and hard about hon. x
I had every intention of paying his mums loan, as I do if I take out a personal loan in my name. However this is only really to ensure that if the shortfall is pursued then at least the debt is my name and his mom wont get affected.
In the mean time I do have every intention of paying the loan as the payments should be about the same and we are affording it ok right now.
It's a real head scratcher hon.
Having been there and done it, I can't say to you that borrowing money to pay off old money is ever a good idea and I really feel for you. Before you consider taking out a new loan it might be worth speaking to a couple of IPs and see where you would stand if you were to apply for an IVA with a very recent loan taken out.
Hi to be honest im not sure when I would have to consider and IVA or DMP etc etc..
The court date is 1st June so I guess as that will be just the repossession order, im not sure how long it takes for them to re-possess it, then i herd it could take up to 6 years for them to claim the shortfall back
So I would hopefully be paying for a considerable amount of time
You have to be carefull - if creditors think you have taken out credit knowing that you're not going to be able to repay it then you might have problems.
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
You will be all pleased to know that I have slept and thought this through!
I will not be getting a loan to pay his mum back, but I cannot default on her payments.
I have thought about the whole repossession process and it's going to take ages before they start asking for the money. so perhaps things might not be so bad.
They have to give the repossession order, then actually change the locks, then sell it etc... so maybe wont hear from them this side of Christmas!
heres to hoping.....
any suggestions / advice is still welcome but i'm not going to fret just yet!
