if i enter a IVA will it involve selling car

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davey_d

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Post by davey_d » Wed May 28, 2008 11:15 pm
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Hi i owe around 23k 4.5 of which is car finance if i enter a IVA can i pay car finance seperate or will it involve selling car ?
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indebtforever

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Post by indebtforever » Wed May 28, 2008 11:25 pm
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i would have thought you will keep your car but when you finish paying the hp on the car your payments into the iva will rise
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indebtforever

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Post by indebtforever » Wed May 28, 2008 11:26 pm
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you say 23k is this to a number of creditors?
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fedup and broke

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Post by fedup and broke » Wed May 28, 2008 11:27 pm
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hi davey - someone will be along soon to reply. In my instance the car as it is on HP is separate to the IVA - although they do contact the HP company. You keep paying for the car separate but once the finance is up you you have to put that money into your IVA. In my instance the car company had a clause in the contract that stated if i entered into an IVA or BR they would reposses the car but each company is different i think.
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MelanieGiles

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Post by MelanieGiles » Thu May 29, 2008 1:48 am
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There should be no problem with you keeping the car and continuing to make the HP payments if the car is essential for transport to and from work.
Regards, Melanie Giles, Insolvency Practitioner
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