can a dfs debt with hitachi finance be part of your iva proposal, i have no idea if it can and am looking at going into an iva . it will only be possible if this debt goes in also do i get to keep the goods if accepted
Yes - any unsecured debt can be included. I would say that DFS will not be knocking on the door for you sofa. We had goods on BNPL with Very and Dell and all of that is still here!
Just to echo what has already been said the debt for the sofa will be included in your IVA.
Goods purchased from someone like Brighthouse are not included in an IVA as this credit is actually secured against the goods.
To the experts.....if it is a HP agreement would it be treated like car finance in that it will form part of the Income & expenditure. I know our car was on HP and we were allowed to continue paying it, with the proviso that when it finished (1 year into the IVA) that the amount we had been paying, went into the IVA instead. Would this be same for the Original Poster?
Suppose a car would be seen as essential to service the IVA - through work, i wonder what creditors would think essential as far as household funiture was ??
Most finance for furniture are personal loans or fixed term loan agreements, they are not secured on the goods but as Melanie states this will be checked by the IVA company in question when preparing the proposal just to make sure.
We get a lot of cases referred to us where the assumptiom is that credit is secured when it is not, and vice versa. Contrary to Andy's experience, I often see HP used for items of domestic furniture - so the IP concerned will need a copy of the agreement to determine the type of lending.
I think, and I could be wrong here, that HP is secured against the goods. They're not yours until you have made the final payment. I think a fixed term means that the goods are yours, you have just borrowed the money for them.
As I say though, I could be wrong and do stand to be corrected.
I think the same as Harpic...you pay to hire the goods until the final payment seals the purchase. That's the rhyme or whatever that I use to remind myself.
