This is a pretty standard clause in most agreements, but, as I mentioned, not all lenders act on it as, in an IVA, unlike the bankruptcy they mention, the HP payment would be an allowed expense (depending on agreement from creditors) and would be allowed for in your budgeting. Unfortunately it is a...

There is often a clause in car finance contracts that they can be terminated if the borrower becomes insolvent. So whether or not you carry on paying, some car finance companies will choose to repossess in an IVA. I have heard that this may happen more with high second hand car prices. So looks lik...

Yes, I still don't think my payments would come down far enough on the DMP.

Still worried about the car but ill be paying that as secured debt but still can't see how anyone can take it as I'm paying it. Its £115 a month for our car.

people are saying I would be better doing a DMP what do you guys think? I am running all my details through stepchange at the moment.

It has been literally the utility hikes, food, petrol, council tax and our daughter moving out.

The cost of living has gone up nearly 300 a month, now we lose 250 a month from our daughter moving out.

So that puts us £550 a month down.

I still don't know what to do.

Our car is on HP do we have to include it in the debt as well?

The car is on HP with ZOPA we also have a credit card with them but not putting these in the IVA.

Does that keep the car safe?

Hi, all so the cost of living has swamped me, problem is we were in an IVA about 5 years ago as well sadly ended up like this again mainly due to the pandemic, cost of living and some high-interest loans. Yes I know I've made a mistake again :-( I thought a DRO would be good, but not sure can keep t...