www.iva.co.uk

My husband and I have recently had an IVA agreed, although I do worry a little about the company we are using as we first went to a different company, who checked our criteria asked for 2 months payments up front, and then reccommended us to their sister company.

Apart from that, we had HP for a large amount and was advised to let the vehicle be repossessed and then take out HP, before the IVA went ahead on a cheaper vehicle, which we did. This amount has been excluded from the IVA and agreed that we need a certain amount each month to pay this HP back, as my husband needs a reliable car for work.

Last week we heard from Black Horse the new HP company, who claim that even though we have not missed any payments they will now repossess this current vehicle. They say in the small print that if we are to enter into a voluntary agreement that they can decide to do this. Somewhat alarmed, we called our IVA company and advised them this, they spoke to the company on our behalf and agreed that providing we keep up payments we can keep this HP going. The IVA company agreed to confirm this in writing to put our minds at rest. This letter was never received.

We have had a call today, saying that they are now going to repossess anyway and that is that. This leaves my husband without a vehicle for getting to work, and unable to get further Hire Purchase! The IVA company say, they will add any shortfall to the current IVA, but my problem is, we need a vehicle for my husband to get to work.

This was all done on the IVA companies reccommendations, and although they say that they will still allow us the amount of the car each month, we are now in a situation, where we could not get another vehicle and my husband will be unable to get to work, as he moves from place to place and there really is no way he can do it though public transport.

I thought we had got though the worse of it, I really don't know where to turn and am a physical wreck at the moment!!!! It just gets worse!!!!

Hi
What a nightmare !!
You need to look for another finance company,try
www.advantagefinance.co.uk
www.flexiblecarleasing.co.uk
www.duncton.com/da/15082
You have the monthly amount available and permission from your IP,I also suggest a payment holiday from your IVA to fund the deposit
Let us know how you get on
Regards


Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Thank you so much for your prompt reply. My concerns are, if another shortfall is added to the IVA, will this make my payments go up? Also can Black Horse make my IVA fail in anyway by refusing the debt to be included. The original creditors have already agreed it?
Finally, are there such companies that will buy the HP agreement out? So the car does not get repossessed and black horse get their money, if so, do you think Black Horse would agree it, oooohhhh what a mess!

And sorry one more question. Black Horse are asking for the full amount including interest? We are only 2 months into the agreement, so surely they cannot charge us 5 years interest on top?

I am sorry, but having a mad panic at the moment!!!!

I suggest that you put it to your IP that they have given you poor advice and that they should fund the cost of a new car, which you will repay them for at the same rate as the new HP payments would be, and that they underwrite any additional loss by having to bring another payment into the arrangement. This may not make me populare, but it seems the right thing to do given the circumstances.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Thanks Melanie, I will suggest this to my IP, but sure the blame will be shifted elsewhere.

I am recovering from Christmas (I have four children) and struggling to keep above water, even though my IVA was agreed on the 7th December, surviving christmas on cash only is pretty hard! (although at least I haven't got to worry about a large credit card bill).

If I can't get this car thing sorted out, my husband will have no choice but to look for another job, and this could push us into bankruptcy!

I am a born worrier, but really down about this now. Still constantly getting letters from creditors and banks and wishing the nightmare will go away.

Just for information only ( and to be prepared for the worst) have you a website with all information about bankruptcy. How long and the sort of payments expected? Bank accounts? The amount you are allowed to earn and if you can be chased later on in life, should you ever get yourself back on your feet again! I would like to avoid it, and its shocking that something as simple as a car and some dodgy advice from my IP has put us in this position!!!

Sorry, but i am feeling pretty desperate.

The best website is the Insolvency Service's own website which is very informative on bankruptcy and will answer all of your questions. I really do feel that you should get in front of your IP as soon as possible to sort out this mess. Which firm are you using?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Gill, What is your agreement number with Blackhorse?

Hi
Don't post information such as agreement numbers please.
Vickir,can I ask why you would want this info ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi Andy, I cant post reason why, but believe i may be able to help Gill

Hi
Well if Gill is happy for me to forward her email address to you then I will
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Yes please Andy please forward my email address, if vickir can help me in anyway I will be more than grateful.

Blair Endersby feel they were correct to advise the first car should be repossessed due to the monthly repayment and right to advise us to take out cheaper HP. They are not prepared to take any responsibility as they feel they are not responsible for the small print in the contract. They called Black Horse, and pleaded our case, stating that we had not even had the IVA agreed at the time the finance was taken out. Finance taken out Nov, IVA agreed 7th Dec, even offered for my brother to take over the finance, but they said it was up to the managers descretion, and the Manager definately doesn't want to know, because within the hour we had a call sayin they want to collect the car tomorrow, we have stalled it till next thursday.

Any shortfall will be added to the IVA, possibly causing the monthly payment to rise , (unless a pence in the pound clause is not in our IVA agreement, and the shortfall is less than 10% of our IVA total)

I am now awaiting to here if the IP will agree my brother to finance a further vehicle and we can make the monthly payments to him, which seem to have been agreed in principle, as this is a necessity due to the nature of my husbands work.

The last thing i wanted to do was involve or even tell my family members, but hey!!!! Today - thanks to Black Horse, i feel i have been treated like a criminal and am absolutely gutted. I have also lost faith with my IP for not accepting any responsibility. I thought they where supposed to help me get out of the debt situation not make it worse!!!!

Please help if you can!!

Hi
I have sent your email address to Vickir
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

thanks any help at this stage would be gratfully appreciated. feel like giving up!!!

thanks andy, have i met a dead end regarding inappropriate advice, or have just got to be allowed to be treated badly by IP and HP company!! feel like i am in a no win situation here, and not trusting IP anymore, although tied up with them for 5 years!!!!! Like i swaid to company today, i may just be a number on their books, but its my life they are messing with!!!!!! worrying cause only 2nd month with them!!!!!