can you have a car on credit with an iva ?

[dawn2]

If you proceeded with an iva but you have got somethink on credit like a car could you take in to account what the repayments are but still keep the car

[Viki.W]

Hey dawn, welcome to the forum, an expert will be along shortly to help you. Do you mean HP? If you do and you can afford the payments and keep them up to date, then you should be ok but your IP will help you with that one. One of the experts will help soon. Viki X

[carlmcmullen]

Yes you can Dawn,

If you have hire purchase then these payments will be factored into your expenditure to ensure you are able to maintain the payments, however once the payments stop your IVA payment will increase.

You would also need to check the agreement as alot of car agreements are not HP and the debt will be included into the IVA meaning you will not have to pay, you make the additonal money availible to your IVA and they are not able to repossess the vehicle.

Can you post a few more deatils about your circumstances ?

[Endsmeet]

I entered into an IVA and had a car H.P. agreement with Black Horse Finance.
It was written into my agreement that I can carry on paying my car installments but once they had finished, the same amount had to be paid into my IVA agreement for the term remaining.

This was accepted at my creditors meeting and off I went into the IVA, after one month I got a letter from Black Horse saying that I had broke the T&Cs of my HP agreement and if I didn't settle in full, they would repossess the car.
Now the letter arrived on the Fri and I couldn't get in touch with Black Horse till Monday, I was worried sick over the weekend and eventually sorted out with my parents the funds to pay off B.H.

I phoned B.H. on the Monday and they said that if I continue making the payments there wouldn't be a problem and it was just a standard letter...after all the hassle and worrying I had over the weekend I was happy to tell them to 'go away' and made the payment for the outstanding balance there and then, they lost approx £600 in interest as well.

Now when I think back, Black Horse Finance are part of the Lloyds TSB group aren't they?
Well, Lloyds TSB were one of my main creditors so I am wondering now that if I had taken their 'kind' offer of continuing with the payments, that they could suddenly take the car back off me using the 'right to offset' rule ???

Could be one to consider that, are any of your creditors the same as your H.P company?