if i did an iva would me car be taken off me?

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kerry17

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Post by kerry17 » Tue Aug 05, 2008 11:38 pm
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i am in roughly 20, 000 worth of debt and my partner has left me i am struggling, i have a car on finance and need my car for work, if i did an iva would me car be taken off me?
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MelanieGiles

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Post by MelanieGiles » Tue Aug 05, 2008 11:40 pm
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Hi kerry and welcome to the forum

It really would depend upon the value of the car, but assuming it is of modest value - ie less than £5,000, and the HP payments were reasonable and affordable, this ought to be fine. Do check whether it is a HP agreement or conditional sale agreement. If not, then the loan can be brought into the IVA and the car is legally yours in any case.
Regards, Melanie Giles, Insolvency Practitioner
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Viki.W

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Post by Viki.W » Tue Aug 05, 2008 11:49 pm
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Hey Kerry, welcome to the forum. Sorry you're struggling. You've come to the right place for support and advice so keep posting.[:)] 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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Soulgrowth

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Post by Soulgrowth » Wed Aug 06, 2008 7:56 pm
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And a welcome from me too Kerry ... keep posting.

Debbie
Debbie
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chardonnay

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Post by chardonnay » Thu Aug 07, 2008 7:48 am
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Welcome from me too Kerry.
Sorry to hear you'ring a tough time - you'll get lots of support and advice from the forum - everyone is absolutely super!!
Keeping the car will depend on how much it costs you per month - even if it has to go, don't worry you will be able to get another one - I did!!
I had a Mercedes which was way too expensive at £600 per month, but my IP realised I couldn't work without a car so I was allowed up to £350 per month to cahnge it. I now have a brand new Peugot 207cc which costs £329 per month and as it's a disel my petrol costs are much lower too! I have a number for a very symathetic guy who does lease cars, etc so if you need it let me know.
Hugs,
Chardonnay
Chardonnay
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