car hp

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marsha1

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Post by marsha1 » Sun Jan 20, 2008 12:14 pm
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I have just read a post regarding a car that is on HP with Black Horse being re possessed due to the debtor entering into an iva. I entered into an iva in October, having got my car on HP in March, my IP has allowed me to keep paying my payments to my car as I need it for work. I must admit I have read all the smallprint in my agreement since reading this post and it states that the company (capital Bank)who are part of the Bank of Scotland may terminate the areement if I enter into bankruptcy or enter a voluntary arrangement without their permission. I am quite worried about this now, but I am going to carry on paying each month and hope that they dont want to terminate, I have never missed a payment, I took out the HP in March 07. I had not even thought about an iva at that point. Oh!! just when all was going sooo well. Any advice anyone can give me please?
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Beechy

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Post by Beechy » Sun Jan 20, 2008 12:18 pm
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Hi
I think the clause in the contract gives the lender the right to retain deed and title in Bankruptcy and IVA.



Dave Beech
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marsha1

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Post by marsha1 » Sun Jan 20, 2008 12:21 pm
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Sorry dont mean to be thick, so this means that they have the right to take it back if they see fit. I will just hope that they don't in that case. I know the other poster is with Black Horse and they are known to be anti iva, do you ow how bank of scotland are?
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Adam Davies

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Post by Adam Davies » Sun Jan 20, 2008 1:59 pm
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Hi
You will be ok
It is only Blackhorse that seem to have this policy,and I think that it is only a local policy,so you have nothing to worry about.
Just keep paying it on the button
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
Andam Davies
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gill.p

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Post by gill.p » Sun Jan 20, 2008 2:08 pm
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Please don't worry Marsha, it's Black Horse, and the fact that I got caught up with a narrowed minded company!!!
14 down 46 to go!
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marsha1

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Post by marsha1 » Sun Jan 20, 2008 2:25 pm
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Thank You for your replies. I have felt sick since reading the post, but better now. What would I do without this forum?
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