i have my car on finance will i lose it?

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funk

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Post by funk » Tue Jan 30, 2007 5:58 pm
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Hi if i get a IVA , and agree to start paying my debt , i have my car on finance will i lose it or can i still pay back the set amount agreed
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Storm

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Post by Storm » Tue Jan 30, 2007 6:33 pm
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Providing you are not in arrears with your HP car payments you will be able to keep the vehicle as it sits outside of the IVA.

Lenders will be less tollerant to any reduced payments or missed payments if you miss a payment expect it to be recovered immediatly. (Depending on where you are in the agreement term)
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MelanieGiles

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Post by MelanieGiles » Tue Jan 30, 2007 9:23 pm
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Hi funk

Storm is quite correct, but do be aware that one the HP payments have completed, then you will usually be required to increase your IVA contributions to the extent of the HP saving.

This is only the case with HP agreements. A lot of car finance companies are now selling cars using unsecured loans - which customers believe are HP - so do check the terms of your specific agreement. If the loan is unsecured, then you will not be required to continue making payments, and the debt will be included in your IVA alongside the other creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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