I am petrified at the moment.

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kimb

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Post by kimb » Sun Jun 01, 2008 11:26 pm
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Hi

I am on an IVA and have been paying towards this for 2.5 years so am half way through. I had a car which I have just sold due to the fact that I am pregnant and also have an illness which makes having a 3 door car difficult so am looking to buy a 5 door car for less money and use the rest to help prepare for the baby. I sold the car on Thursday and on Friday the buyer called me to say that there was finance outstanding on the car. I was rather surprised as I had been told when I bought the car that it was done as a personal loan to get the car not a Hire Purchase. I called the company who arranged the loan, as did the buyer and we were both told that as long as my IVA company request for the loan company's interest to be lifted from the car this issue can be sorted out. I'm now rather frightened that I am going to be in trouble. I thought I was being practical but am now really worried that I'll lose the car and the money. I spoke to someone at the IVA company but my case worker wasnt there so I have e-mailed her instead and am awaiting a response tomorrow but the lady I spoke to said it shouldnt be a problem but they will want to know my plans for the money. Do you thik I will be left with no money to buy a car, I am petrified at the moment.
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Viki.W

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Post by Viki.W » Sun Jun 01, 2008 11:39 pm
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Hey kimb, welcome to the forum. An expert will be along shortly to advise you. I'm sorry I can't help but honestly, in my opinion, I can't see your IP leaving you without a car. Please wait for an expert, you are in a great place for advice and support. 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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Storm

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Post by Storm » Mon Jun 02, 2008 8:01 am
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This is a common problem. If your IP requests the HPI flag be removed the lender will usually do it.
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cfnc

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Post by cfnc » Mon Jun 02, 2008 8:08 am
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Firstly congratulation on your impending patter of feet.

Secondly as others have said it should not be a problem, just explain to your IP your reasons and I am sure everything will work out.

Kirsty
Kirsty
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Oliver

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Post by Oliver » Mon Jun 02, 2008 1:08 pm
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Hi Kimb,
Was there an allowance made to continue with the car payments within your IVA or was the "loan debt" included as an unsecured creditor
Best Regards
Oliver
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