Get expert opinion. This is the place for new questions to be posted.
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Scott.96
- Posts: 1
- Joined: Fri May 24, 2013 2:13 pm
hi im wanting to do an iva can i put my car fianance in on one please
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mazbrown
- Posts: 228
- Joined: Mon Aug 27, 2012 2:34 pm
- Location: United Kingdom
Hi there , your car finance is prob under a hp agreement and will be excluded from your iva , however an allowance will be given for the payments , if the car is paid during the iva the amount you were paying will go towards the iva payments . This is how it worked for me .
Hope this helps , good luck .
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piggybank
- Posts: 4
- Joined: Thu May 23, 2013 1:36 pm
- Location:
Hi our car finance was taken as a bill as it is secured on the car. It will be allowed in the IVA as long as it is a reasonably valued car and a reasonable monthly payment. If the finance ends during the IVA then your monthly payment will increase by that amount.
Hope this helps and good luck.
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luluj
Forum Expert
- Posts: 11333
- Joined: Sun Dec 09, 2007 6:54 am
- Location: United Kingdom
You will need t liaise with your chosen IP and consult the agreement documents for your car. Depending on the terms of the loan will depend whether it can be included. Equally some car loan agreements are very explicit about entering into an insolvency agreement etc so it is best to check this out thoroughly.
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