If I go for an IVA would I risk losing my bike?

[murrays.mint]

Hi
I have a motorbike worth 4k on finance, this is secured on the bike. If I go for an IVA would I risj losing the bike? its my only transportation, but i've only had it 4 months.
Many thanks!

[MelanieGiles]

Hi there and welcome to the forum

It would be very unlikely that you would lost your motorbike if you were to enter into an IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[murrays.mint]

Thats great thanks. Mind if I ask one more?

I currently live with my parents.

If me an my g/f get a morgage with in the 5 years of the IVA, will my repayments change? As in would she be included in the repayment as we have a house together? As I dont want to drag her down or have it affect any ones future but mine.

Regards.
Iain.

[Adam Davies]

Hi Iain
Payments in an IVA can change as your disposible income changes.So if you obtain a mortgage and move in together your partners income will be taken into account to make sure that you are paying a fair share of the bills.If you earn 50% of the joint income then you would be expected to pay 50% towards the household bills and if this means that your disposible income increases then you would have to pay more into your IVA.Unfortunately it doesn't work the other way,so if your disposible income drops your payments will only drop if our IP calls a variation meeting,with your creditors ,and they agree to the decrease.
Please note that you will need the permission of your IP to take out a mortgage whilst in an IVA and it must not affect your ability to pay into your IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[murrays.mint]

Many thanks Andy.

So if I take out a morgage, and we have a joint account, I make more than her pcm so my re-payments shouldnt increase? As long as my total out goings that I gave when I started the IVA dont decrease?

The only thing I'm worried about is if we did get a morgage, my partner would have to contribute to the IVA because we have a joint account? I dont want her paying for my debts.

Regards,
Iain.

[MelanieGiles]

The key thing here is to ensure that you are both paying a fair share towards the household expenditure based upon your earning capacities. So your girlfriend may be indirectly assisting you, but that is what living together is all about!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[murrays.mint]

Thankyou for the detailed reply. All your responses are very much appreciated.