If we were to apply for an IVA ...

3 posts Page 1 of 1
Post Reply
 
 

karen.b

User avatar
Posts: 1
Joined: Thu Apr 24, 2008 9:59 am
Location:
Post by karen.b » Thu Apr 24, 2008 10:01 am
Quote
My husband is self-employed (sole trader). We have a mortgage on our house. He has a loan (just under 3 years left to repay) on his van, which he uses for work.

If we were to apply for an IVA to clear the rest of our debt (approx £56k) would we be able to keep the house and mortgage going, and the van and the van loan. If we reduced our debt through an IVA we would be able to continue to pay our mortgage and the van loan (which is a business cost anyway).

Many thanks.
Top
 
 

size5

User avatar
Industry Expert
Posts: 3104
Joined: Fri Nov 23, 2007 7:22 pm
Post by size5 » Thu Apr 24, 2008 10:17 am
Quote
Good morning and welcome karen.b

It is certainly feasible, from the limited info you have given, to at least look at the possibility of an IVA. As ever, you would be best served to speak to a professional directly as there are all sorts of issues that would need closer examination.

You can go to www.iva.com and look at the reviews on there, I would advise that you speak to at least 2 or 3 different people to get a balanced view of things.

Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself

Follow my tweets at http://twitter.com/debtmastersize5
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Thu Apr 24, 2008 11:41 pm
Quote
You would need to check whether the van loan is an ordinary unsecured loan or HP. If HP, the payments will need to continue to be made to avoid the vehicle being repossessed.
Regards, Melanie Giles, Insolvency Practitioner
Top
Post Reply
3 posts Page 1 of 1
Return to “postings for april”