My car is leased what are the implications?

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robert25

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Post by robert25 » Mon Oct 27, 2008 3:11 pm
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My car is 1 year into a 3 year lease with Lombard. Will the lease agreement have to be put into the IVA and if so will the car have to go back or can I keep it out of the arrangement?

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Julie

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Post by Julie » Mon Oct 27, 2008 3:28 pm
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Hi and welcome to the forum,

You are allowed to keep a car in an IVA as most of us need one for work.

It does depend on the value of the car though. You may have to downgrade - can you post more details of the lease agreement?

xx
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kabby3

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Post by kabby3 » Mon Oct 27, 2008 3:37 pm
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Hello I negotiated my IVA July 2005 in June 2004 I took delivery of a Renault Megane brand new 04 plate, I had an agreement of £249 per month with a balloon payment to be paid after 3 years. I kept my car still have it now!! I refinanced the balloon payment with the exisiting lender Renault who rejected me for re-fianance of the balloon but after showing all my IVA documents they happily refinanced me for the remainding £4000 which I will be finishing soon!! I think you need to clarify if its lease purchase or HP or a personal loan. Good luck....dont panic cross every bridge when you get to it !![:D]
Last edited by kabby3 on Mon Oct 27, 2008 3:39 pm, edited 1 time in total.
On the slow safe road to success. Personal thanks to Melanie Giles Kallis Skippy Elv5 and all the other wonderful forum friends.
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Jan01

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Post by Jan01 » Mon Oct 27, 2008 5:12 pm
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I too lease a car from Lombard. I am allowed to continue payments so no problems. I have rearranged to increase the length of the lease with Lombard so far with no problems. As I found I was not able to take out a new lease and my IP will only allow me £99 a month for car payments (the amount I was paying at the start of my IVA)

Hope that makes sense, just let your IP know what is happening.

Jan
Nothing you can buy feels as good as not being in debt.
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MelanieGiles

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Post by MelanieGiles » Mon Oct 27, 2008 7:38 pm
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The leasing company will have to be notified about your IVA, as they are a contingent creditor, however you will be allowed to continue making the ongoing payments as presumably you need a source of transport for travel to and from work, and for private use.
Regards, Melanie Giles, Insolvency Practitioner
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