Hi Hubby and I had our ivas approved on the 6th of march this year.There was a provision in our iva to keep making the hp payments on my husbands car and permission to obtain enough credit to pay the baloon payment at the end of the agreement.Have received a letter today form the hp lenders that they want to repossess the car on the 15th of april even though we are up to date with our payments and the provision in the iva to keep paying them. Phoned the lenders and they said this was a standard letter and as long as we kept our payments up to date we could keep the car. Worried now that they could change their mind at any time and decide to enforce repossion.
It is an unusual letter, but I doubt that they will change their minds and collect the car so long as you keep up with the repayments. It might be an idea to see if they are prepared to refinance you for the balloon payment though, and personally I would have advised you to do this prior to entering into the IVA.
Thanks for your quick replies.Have had years of debt problems should have taken professional advice much sooner.The car hp lenders did say that refinancing the balloon payment should'nt be a problem. We did ask if they could confirm that they would'nt repossess the car in writing as long as payments were made but they refused to do this.They said we would have to be happy with a gentlemans agreement!Reading through the letter again as we have paid more than a third of the outstanding balance they would have to get a court order to take the car.Would we be notified if they obtained a court order before they came? Not sure of the procedures. Sorry just stressing out at the moment need the car for me to get to work thought all our money worries were sorted and now this has scared me.Am annoyed with their attitude as we have never defaulted on the car payments.
