Hi, I will now have to add £100 to my expenses per month to cover child maintenance payments to my ex, which she let me off paying due to my financial differculties before I started the IVA a year ago. My agreement is £90 to the IVA and £153 for car finance. I have called c.f. and asked if I should hand back the car so I can pay £100 child maintenance, £90+£53 to the IVA.
What do you think the outcome will be? They said they will call me back, but not today!
Sounds like a "win-win" for the creditors depending on when the car payments were going to stop anyway. Check with the finance company if handing back the car will be as painless as that, or will you have a shortfall to make up --- if so, that new debt could be a problem.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think the car will be worth less than what they are owed. What would happen if the finance company say I still owe them more after handing it back? Would that automatically mean I fail the IVA.
dan385 wrote:I think the car will be worth less than what they are owed. What would happen if the finance company say I still owe them more after handing it back? Would that automatically mean I fail the IVA.
It could do -- the debt would have to be added and that might derail the arrangement, depending on the figures.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
