Do I have to include all debts into my IVA

[laura.h]

Do I have to include all debts into my IVA. For example I currently have finance on a vehicle which has no equity but need the car to be able to travel to work. Can the IVA just include my credit card and Loan debt and not the Car finance?

[kezza]

You have to include ALL unsecured debt in an IVA

[kezza]

Sorry didn't finish,
Not sure how car finance is affected but I think you have to include that too, I'm sure one of the experts will help you soon.

[freelili]

if your car is on HP (and is not a rolls or jag) you may be able to keep paying it alongside your IVA payment, when the car is paid off the extra money will go into the IVA. If the car is on a finance (loan agreement) then it will be included in the IVA.

Hope this helps

LILY

[kezza]

Well said Lily,

I meant that and it sounded nothing like! Head in the shed tonight

[MelanieGiles]

Hi laura and welcome to the forum

If your car is being purchased through a hire purchase agreement, then this gives the lender proprietory rights to repossess the vehicle in the event of non-payment. So you would need to continue to make those payments as an essential expense within your IVA.

If the car was bought with the assistance of an unsecured loan, then you would need to include this debt if your were proposing an IVA. Incidentally, an IVA is unlikely to be possible if you only have three creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk