I have alot of unsecured debt, however if i went into a IVA, would i be able to keep my secured debt ( hp on car) or would i have to lose the car as well?
As long as you could afford to pay the loan repayments on the car as well as your normal outgoings and IVA payments, then you would be able to keep the car.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
This would depend upon the reasonableness of the HP payments and the value of the car - but Kallis is right in that this rarely happens in practice as presumably you do need the use of a car to get to and from work.
Again provided you are not purchasing (through HP) an expensive vehicle which has a reasonable equity value that might suggest to creditors that you should sell it and trade down - you will be able to continue with the HP whilst doing an IVA
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
