I have no idea what to do

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spanner

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Post by spanner » Wed Mar 12, 2008 11:05 pm
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My problem is complex and time limited unfortunately and I don't know where to turn. I seperated from my wife and so I am now a tenant, not a home owner. My wife has 'looked after' my money for me and subsequently I now have a poor credit rating which leads me to my problem - I have a car that is at the end of its agreement. I have a shortfall of £8,000 to pay them. The car has been costing me £750 per month plus 180 pm insurance. With this gone, I have a lot more headroom in my finances, as you can imagine. My problem is I am in arrears (not significant) with another loan and so I can't get credit. If I could, I could pay off this car issue and come up to date with my other debts. I have no idea what to do. Any advice would be appreciated. The car company don't want me to IVA (as you can imagine - I understand the implications for them!) but will not offer me an usecured loan. They want their money by the end of March.
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lily

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Post by lily » Wed Mar 12, 2008 11:10 pm
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Hi and welcome

I am no expert and cant answer your question on what to do but it seems that to take on more credit when it seems you are already struggling would be exactly the mistake that many of us here have made.

It might be worth talking to an expert with regard to all of your debts. Of course the company dont want you to do an IVA, they want their money and couldnt give a hoot about your circumstances.

I hope that one of the experts will be along to help shortly, I mainly wrote to welcome you to the forum.

Good luck
Last edited by lily on Wed Mar 12, 2008 11:11 pm, edited 1 time in total.
lily
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joh71262

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Post by joh71262 » Wed Mar 12, 2008 11:11 pm
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Hi Spanner

I am not sure that you actually owe enough money to enter an IVA. The figure I have seen/heard is £15k minimum.

Personally I would go to your local C A B and ask for financial advice.
There's light at the end of the tunnel - it's just that sometimes the tunnel seems so long.

IVA Complete June 2009
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connie

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Post by connie » Wed Mar 12, 2008 11:14 pm
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your right this is complexed.
i'm not that clued up on how hp agreements work. but i'm sure one of the experts will be along to give the best advice.

could you not sell the car and pay the 8000 off and buy a cheaper car? (thats if theres anything left)that way you'd free up your 750 payments and your insurance would be cheaper that way you may be able to catch up on the arrears on your other loan.
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MelanieGiles

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Post by MelanieGiles » Wed Mar 12, 2008 11:20 pm
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Can you list out details of all of your creditors so we can advise more fully.
Regards, Melanie Giles, Insolvency Practitioner
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