I have a car on finance as well as other debts, If I were to enter into an IVA would I have to hand my car back over to the finance company or would I be able to keep it.
Cheers
Hello and welcome. As long as the car was purchased with a loan not tied to the vehicle ( HP -- lease Contract or the like) and is not overly expensive you should be OK.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hiya,
I am going through this process at present. It's been explained that if the car was purchased with a personal loan it is possible to include that loan into your iva and keep the car if its essential to work etc. If the car was bought with hire purchase which means it is a secured debt on the vehicle, again it is possible to keep the car if its essential, however secured debt can not be included in the iva. And you would need to be able to afford to keep up the repayments, when the hire purchase agreement completes, the monthly payment usually made to this will then be added to your iva payment.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
We bought our car with a personal loan which was included in the IVA so the car was safe.
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
Hi
The car would need to be of reasonable value otherwise it may be possible for creditors to insist that it is sold and a cheaper one purchased with the difference going into the IVA. Again the hire puchase costs would need to be reasonable for the expenditure allowance to be agreed by your creditors in an IVA
We are still paying for our car via a hire purchase agreement and have been allowed to continue with the repayments. When we have finished paying for the car our iva monthly payment increases by this amount.
We too had a car on HP & as it was a necessity for hubby to get to work & visit sites we were allowed to keep the car & pay the finance & once the finance was cleared our arrangement went up by the amount the monthly payments were on the car
