can hp be part of the iva

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uto

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Post by uto » Tue Feb 12, 2008 10:33 pm
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i need to do a IVA, but i have car finance and i need the car for my work./

can hp be part of the iva
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MelanieGiles

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Post by MelanieGiles » Tue Feb 12, 2008 10:45 pm
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Hi uto and welcome to the forum

If you car is genuinely being financed via a HP agreement - check the terms to be sure as a lot of agreements look like HP but are actually unsecured loans - then the ongoing repayments will beed to be taken account of within your expenditure allowances, othewise the car could be repossessed leaving you in trouble.

If your HP agreement is concluded during the term of an IVA, it is usual to be required to increase your payments from that time onwards to the extent of the saving.
Regards, Melanie Giles, Insolvency Practitioner
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