I was recently involved in a car accident in September 2025 where it was my fault and due to the fact that I did not tell them my modifications they cancelled me and the total cost was £26,000 now they are telling me I have to pay the £26,000 back and that they can do a 40% discount i believe if i pay it off all in one go.
This is all so sudden to me I am a university student and I work part-time yes sure over the course of 18 years I can pay back this step however that’s of course not the ideal plan.
As I was doing research, I ran into things like IVA or debt management plan, but I am not aware of what’s the best option in the United Kingdom is and I don’t have enough knowledge on this stuff. All I know is with a IVA I will be paying back around 7 to 8000 over the course of five years with it being on my credit for six years
I don’t know. I just need some advice and some help as to what the best option is.