goods on finance owing more than their value

[wrr]

I see you must give up all credit cards. We have a car and caravan on finance owing more than their value. Would we have to get rid of these items? Many Thanks.

[MelanieGiles]

Hi wrr and welcome to the forum

I am assuming you are thinking of proposing an IVA? If so your car will probably be safe, if the mortgage payments are reasonable and it is needed for transport to and from work.

The caravan will probably need to be returned, as this is not an essential item and therefore the costs of the finance cannot be justified.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Oliver]

If you need the car travel to work etc... and you were not paying an unreasonable amount on the finance payments then you would likely be able to keep the vehicle.

The caravan is sadly likely to be another story and you will probably have to return this to the finance company. If there is money still owing after this is returned that amount will be added to the IVA.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[finebridge]

Hi wrr,

Also if you return the car/caravan/both any shortfall may be entered in the IVA.

Kind regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk