Remember though thisd is only if you default on your HP payment so if the budget is set right and things stay the same there should be no need to default. If money is tight one month for whatever reason it is important to speak to your IP - better to have a month IVA payment break than miss your HP payment and lose the car.
Not sure on the balance owing, the HP co. may write it off as they have the car back or it may have to be built in with creditors agreement depending on the numbers.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Do you know though Tina if some HP companies will cancel agreements anyway just because you are in an IVA even if you haven't missed any payments? as I understand what they are saying is that being in an IVA basically means that overrrides any of the T&Cs, if so, that's a worrying thing for anyone even if they haven't defaulted on payments
Hi Lem - if anyone is entering an IVA they must check with the HP company that the agreement can remain in place during the IVA. We do not see any problems for our clients but that is not to say that some HP companies may panic - as long as they see that payments have been built into a budget and the client has a good payment history for the car then everything should be fine.
There is no reason to worry that if you are in an IVA and have been paying HP payment fine that all of a sudden your car is at risk. It is only at risk if you mess payments around which it would have been anyway.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Being in an IVA is sufficient for them to repossess, it is stated in the terms. Yet my particular provider knew this 5 months ago yet only now exercised this right.
What I did not expect was my statutory rights to be affected. It states when a breach has occured a court order would be sought and it would be for the court to decide on outcome.
