do i have to include motorcycle in my iva ?

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gandyathome

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Post by gandyathome » Sun May 25, 2008 10:35 pm
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i have a motorcycle on finance, do i have to include this in my iva ?
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Viki.W

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Post by Viki.W » Sun May 25, 2008 10:55 pm
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Hey gandyathome, welcome to the forum, you are in a great place for advice. Please wait for an expert to advise you. Viki X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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MelanieGiles

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Post by MelanieGiles » Sun May 25, 2008 11:04 pm
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You will need to declare the motorcycle as an asset, and carry on paying the HP instalments to ensure that the bike is not repossessed by the finance company. Was it purchased using a hire-purchase agreement - please check the wording of the agreement as a lot these look like HP agreements but are in fact unsecured loans. If it is an unsecured loan, then you own the bike outright and the loan will need to be included within the IVA.

If you have already instructed an IP to act for you, the ought to be taking you through these points as part of the process.
Regards, Melanie Giles, Insolvency Practitioner
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