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Posted: Wed Jan 09, 2008 5:33 pm
by k.l
if i decided to take out a IVA WHAT WOULD HAPPEN TO MY CAR WHICH IS FINANCED. WOULD I HAVE TO INCLUDE THIS IN THE AGREEMENT AND RETURN MY CAR OR COULD I LEAVE IT OUT OF THE AGREEMENT AND CONTINUE TO PAY FOR IT ON TOP?
Posted: Wed Jan 09, 2008 6:52 pm
by iva.com
Hi kl,
If your car is on a Hire Purchase (HP) agreement it will be a secured loan so not eligible for inclusion in an IVA. If the finance for the car is an unsecured loan then this should be included in the IVA. It is unlikely that you will lose your car unless it has a very high value and is seen as an unnecessary luxury.
Kind regards,
Terry Balfour
IVA.com
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Posted: Wed Jan 09, 2008 7:42 pm
by Cybus
In addition to the above, if the car HP payments come to an end prior to the end of the IVA, it is more than likely that you would be expected to increase the level of voluntary contributions by the amount of the car HP payment after it ends.
For instance if your car is on HP and the final HP payment is made in month 19 of the arrangement, it is possible that from month 20 onwards until the end of the IVA you would be required to increase the level of your contribution by the level of the car HP Payment.
Tell it like it is.
Posted: Wed Jan 09, 2008 9:52 pm
by MelanieGiles
It is pretty definate these days that creditors will want increased payments once the hire purcahse payments once the hire purchase payments have expired.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
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Posted: Thu Jan 10, 2008 3:37 pm
by vickir
If the car is on HP, the finance company will be able to repossess it if you miss any payments, it wont matter if you have paid over a third or not
Posted: Thu Jan 10, 2008 3:53 pm
by Adam Davies
Hi
I believe that in a HP agreement you have the option to return the car,after a set amount of payments have been made,and owe nothing.
Regards
Andy Davie
IVA.co.uk Spokesperson and Website Manager
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