Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support.
I was allowed to keep my less than three year old car which was worth £8k and did not have to justify any reasons why I needed to keep it.
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
I don't share the view that the taking out of a new car HP agreement prior to setting up an IVA would be viewed unfavourably by creditors. I have often put forward proposals on such basis, and also suggested that clients look to change their vehicles at this time, if they have an old car which may not last for the 5 year duration.
My policy is to ensure that the IVA proposal is as watertight as possible and, with complete disclosure to creditors of the new agreement together with the timing of same, I have never seen this objected to. Better this way than to have to miss payments along the line to buy a cheap, old banger that may cost a fortune to maintain.
I didn't have to sell my car for my IVA to be approved and it was worth at least £6k. I'm glad about that as I need it to be reliable for the next 6 or 7 years.
7 year IVA completed in December 2016 - there is light at the end of that tunnel
Couldn't agree more. I think a reliable car is something which should be allowed.......unless it is a Lambourghini or Ferrari of course![:D]
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
