in an IVA, car requires a final payment

[ayn]

Hi, I'm currently in an IVA since November 2006. I have a car on finance which requires a final payment in 30 months to buy the car, or it will be taken away. I require a car for my work, is there any way round this, i dont have use of any other car.

[Storm]

Only to refinance the balloon / final payment.

You could try your current lender to see if they will do it .........

[Adam Davies]

Hi
What was the provision in your IVA regarding this ?

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[ayn]

Hi, I'm currently in an IVA since November 2006. I have a car on finance which requires a final payment in 30 months to buy the car, or it will be taken away. I require a car for my work, is there any way round this, i dont have use of any other car.

[MelanieGiles]

Hi ayn

As Andy says, this should be provided for within your IVA proposal. What did your supervisor recommend to you at the time, and what did creditors actually accept? I very often have clients with similar agreements, and advise them to ensure their lender will allow a refinance before they enter into their IVA. I am sure this was probably also done in your case?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk