is our only choice bankruptcy

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d73

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Post by d73 » Wed May 14, 2008 2:42 pm
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currently in a iva agreement and now find we cant keep up car payments with the now defunct yes car credit.we are in a contract but how do we get out of this without having to pay 7000pounds that they insist we pay.is our only choice bankruptcy/
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SASASA

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Post by SASASA » Wed May 14, 2008 3:30 pm
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Hi d73

The terms of the finance contract may dictate that you can return the motor. The motor could then be sold at auction. Any shortfall could be included in the IVA – provided it does not materially affect the dividend forecast.

You might ask for authority to sell the motor and hand over the sale proceeds – again any shortfall could be included in the IVA

You should notify your IP of your predicament ASAP – they may be able to review the contract to see whether and how the motor can be returned.

HTH

SASASA
Last edited by SASASA on Wed May 14, 2008 4:09 pm, edited 1 time in total.
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MelanieGiles

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Post by MelanieGiles » Wed May 14, 2008 11:03 pm
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But how will you manage without a car? Is there any possibility that you could reduce your IVA payments to make the HP more affordable, and make this up by extending the term of the IVA?
Regards, Melanie Giles, Insolvency Practitioner
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