would I have to include the car

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deejay1985

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Post by deejay1985 » Mon Apr 20, 2009 11:24 pm
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Hi

If I took out an IVA, would I have to include the car I have on hire purchase, and would I lose the car? Because I need the car for my job.

Thanks
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MelanieGiles

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Post by MelanieGiles » Mon Apr 20, 2009 11:33 pm
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Cars on HP are generally excluded from IVAs so long as the value of the vehicle and amount of the HP payment is not excessive. You would then continue to make the ongoing HP payments until the agreement concludes, at which time your IVA payments would increase as a result of the saving.
Regards, Melanie Giles, Insolvency Practitioner
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David Mond

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Post by David Mond » Tue Apr 21, 2009 5:48 am
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In other words yes you can do an IVA and keep your HP installments going. Obviously as long as there is little or no equity in the vehicle and the monthly installments are not excessive.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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