www.iva.co.uk

if you go down the IVA route , what happens if you have a car on a credit agreement ?
does it have to go back ?

Hey Mark, welcome to the forum. If you are up to date with the payments and they are not excessive then it probably won't be a problem providing you need the car, which most of us do. Lots of forum members in IVAs pay it as normal.

It depends upon the type of agreement. If you have a hire purchase agreement then the payments will need to be maintained otherwise the creditor will have the right to take the vehicle back for non-payment. If the car is financed via an ordinary unsecured loan, then you effectively own the vehicle from the time you drive it out of the showroom, and the creditor holds no proprietory rights.

I have a car taken out through Barclays partner finance and it is stated as a car loan - not HP. I believe it is be a creditor, but as the car is quite new, and considered by most to be of high spec (BMW 1 series)is there a chance they will repossess the car, or insist we sell it and get a lower cost option?

Depending on your circumstances, creditors may wish to see the car sold, but this is actually quite rare as a reliable car is usually essential to last a five year period.

I dont wish to play this out on this site, but my wife has a good job and gets a car allowance and in return the company has a scheme which restricts the age of the car etc. i suspect this needs to be factored into the equation too.

thanks for the advice

It is something which definately needs further consideration.