car repossession

[fedup and broke]

Evening everyone - what an awful day for weather.

I have my creditors meeting on the 28th May and yes still receiving a huge amount of letters and phone calls per day!
However I was told that as my car was on HP this was not to be included in the IVA and that I would continue to pay this until the end of the term then the payments on my IVA would go up. I was told that my car was safe etc. I had a phone call last night from the HP company who advised I was in breach of my contract with them and that if I went BR or into an IVA they would repossess my car! I was stunned - I explained that myself and my partner are both self employed and we use the car for the businesses we both run. I was advised that they would speak to a litigator and would call me back however this persons decision was final. !!!
She called me back 5 mins later and said I would be able to keep the car however if at any time my payment is late etc they would collect my car the next day.
Has anyone else ever had this happen to them???[:(]

[kallis3]

Not a nice thing to happen! If you have been maintaining your payments I don't see how you can be in breach of your contract. Have you looked at the HP agreement you signed? Would be interesting to see what is written down there.

I think I would speak to your IP as well.

[vickir]

I think this is pretty standard with a HP agreement, if you go BR - they will in 95% of cases just take the vehicle back, in an IVA they are likely to allow you to keep the vehicle on condition that you pay all your contractural instalments on time and they do have the right to repo if you default without the standard court order

[Homer2418]

Heres the problem you see, you HP company have been informed of your situation of entering in to an IVA.

Simply the HP company know that its in there interest to repossess your vehicle so that there losses are minimal. They are just waiting for you to default on your payment or break some clause in the HP agreement.

They will try and complete this before the creditors meeting, because once this has happened and agreed with your other creditors, there is very little the Hp company can do, as you need the vehicle for work.

But on the other hand if you are running more than one vehicle, this abit of a luxury.

[vickir]

I'll keep on the IVA route here.

The HP company should allow you to keep the car if its needed for work, your monthly instalment to the finance company will be included in your IVA, so in theory you should be able to maintain the MI and not default on the payments.

But whether or not you need it for work, once you are in an IVA they can repo at any time if you miss a payment

[fedup and broke]

Hi all thanks - I only have this car my boyfriend and I share it. The IVA is just for me - he has not debit - or credit, lucky for some!
They said to me that what normally happens is the repo the car then sell it and the outstanding amount is included in my IVA and they become just one of my creditors. My thought would surely its in the interest for me to keep the car keep paying them - this way they get all their money back instead of just some of it?

They were very nice about it - it was just such a shock.
If they did repo the car then it would have to be BR instead of an IVA (