www.iva.co.uk

If we enter into a IVA what is taken into consideration as debt?
Obviously the credit cards and loans but we have a caravan on HP with 4 years left to pay, what happens to that?? sorry if it seems a daft question !!

I have a feeling that if you entered into an IVA you would be expected to get rid of the caravan, but that's one for experts to answer.

I would give a couple of companies a ring. Visit www.iva.com for a list of companies and reviews. You will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.

I have to say that my gut feeling is that creditors would want you to get rid of the caravan, even if that means that there would be a debt outstanding still. Whilst that would obviously increase the size of your unsecured debt in the short term it is likely to lead to a greater return over the course of any IVA proposal by freeing up that payment to go into the IVA. It is possible, though, that if that scenario meant a lesser return that they would allow it to continue but that is a little unlikely I'm afraid. As Jan has said, best to speak to an expert directly so visit www.iva.com and have a look around there.

Regards.