Hi, My wife and I had our IVA approved last month. We have 2 HP agreements with the one in my name with Motonovo Finance and is less than 1 year old. My wife's HP agreement is with Fortis Lease, at the point the IVA was approved the term my wife had passed on the HP agreement was 34 months of a 60 month agreement. The IP advised us we could both keep our cars with me continuing to make the payments on my car, however as my wife's agreement had gone beyond the 50% threshold we would keep the car but not make any HP payments. The IP did take inform the Fortis Lease of the IVA and they raised no objections at the IVA meeting however they at the point had not supplied their figures to the IP. Reading various forums today I am a little concerned now. Please can someone clarify this position being correct? If it is correct and we wanted to sell the car could we only to buy a like for like on value basis (ie straight swap). The payments we were making for this HP agreement had been excluded from our budget planner, however the debt was incorporated along side all our unsecured debt.
