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If I include my car loans in an IVA will my cars be repossessed?

You can only include unsecured debt in an IVA. If you have used unsecured funding to buy your cars then there is no link from the loan to the car and if you can show that you reasonably require the cars and that they are of modest value, you will be able to keep them.

If you have purchased the cars through a secured Hire Purchase agreement you will not be able to include this in the IVA. In this instance and bearing the above in mind you may be allowed a budget to continue to pay the HP on the cars and keep them through the IVA.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

If you car is a finance agreement then this must be included in the IVA, as an IVA is to include all unsecured debt. However if your car is on HP then a provision will be made in your monthly expenditure to pay for this each month until the agreement ends.

The best way forward is to check your paperwork to see if it mentions Higher Purchase or not.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/