if i go for a iva do i lose my car

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c-e

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Post by c-e » Mon Oct 27, 2008 8:00 pm
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if i go for a iva do i lose my car
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MelanieGiles

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Post by MelanieGiles » Mon Oct 27, 2008 8:01 pm
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Hi there and welcome to the forum

Not usually - unless it is of excessive value, or is financed by a finance agreement which gives the lender the right to terminate upon the entering into insolvency proceedings.

Is the car financed at all? If so is it on HP, lease or purchased via an unsecured loan?
Regards, Melanie Giles, Insolvency Practitioner
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freelili

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Post by freelili » Mon Oct 27, 2008 8:03 pm
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Hi and welcome to the forum.


If the car is a loan the balance would go into the IVA, if its on HP, you continue to pay it then when the agreement ends, that money would go into the IVA pot. Of course if its a lexis, or jag, or rolls then you would be expected to scale it down a bit.

I hope this helps
LILY

http://freelili.blogs.iva.co.uk

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kallis3

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Post by kallis3 » Mon Oct 27, 2008 10:13 pm
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Hi and welcome from me too.

Our car was worth about £8,000 at the time we took out our IVA and we were allowed to keep it.
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
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Frank Butcher

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Post by Frank Butcher » Wed Oct 29, 2008 10:39 am
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Hi all, first post from me. I currently own a audi worth around 37k. Its on finance with Audi over 3 years, with a balloon payment due of 20k at the end.

Would an IVA mean that th acar would have to go? Not that fussed if it does (well I am but a roof over my head is more important)[:)]
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MelanieGiles

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Post by MelanieGiles » Wed Oct 29, 2008 11:36 am
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Hi Frank and welcome to the forum

If the HP payments are very high, which I suspect they will be, then you may be asked to return the vehicle - and if you are in an IVA it will be difficult to fund the balloon payment if Audi do not let you refinance.

As this may leave a residual balance due to Audi, you would need to take this into consideration if you are going to enter into insolvency proceedings.
Regards, Melanie Giles, Insolvency Practitioner
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