think an iva could be the solution for me

[bridgette]

hi all after coming across this site yesterday and reading some of your stories i think an iva could be the solution for me . only problem is i have a car on hp, if i go for an iva will i have to send it back as my husband and myself need it for work . hope someone can help with this question x

[ianmillington]

Generally no but bear in mind that your proposal may well have to provide for your contributions to go up when your payments cease, unless the mileage is such that you will then need to replace it, or it's subject to a balloon figure that needs to be refinanced.

I say "generally" because if it's a luxury or expensive car some creditors may not like it. Also, you need to bear in mind that technically making a compromise with your creditors is likely to be a breach of the terms of your HP agreement. So long as you are up to date with your payments most HP companies will be happy as well as the creditors to see you continue. There is one exception to this. If you are with a Tinpot HP company, they might see the IVA as a reason to repossess the car if there is equity in it, so it's not entirely without risk.

Hope this helps

Ian

[MelanieGiles]

I very rarely see creditors asking for cars to be returned to HP companies, as you do need a car to enable you to get to and from work and thus earn the money which is going to fund the IVA.

[pleasehelpme22]

hi bridgette

Just wanted to welcome you to the site, im in the initial stage of going for an IVA an actually only became a member of this ssite a few days ago. It appears to be a great support network for people in the same boat.

I see some experts have adviced you on your question , i do hope you find the right solution for yourself

Tanya

[ianmillington]

I have only known it happen once in a case where there were no arrears on the HP account.

As mentioned, this is only likely where the finance company is as I described earlier i.e tinpot.

Ian

[bridgette]

thanks for the advice x i think we are gonna have to take our chances and go for an iva , cant go on like this any longer, so im gonna pluck up the courage and pick up the phone and get help ..just have a cupper first lol x

[kal]

Hi, just wanted to wish you all the luck in whatever you decide.
We have just started out on the IVA road (just about to pay month 2), and I have to say it is the best decision I have made.
k.