They intend to terminate my car hp agreement

[ray_a]

Hi Melanie

Sorry if I was a bit vague!

What I am trying to say is that I had an HP agreeement on my IVA and I made the point when I started my IVA. The proposal stated that the HP agreeemnt would be outside the IVA and the payments would be met (which they were)!

Surely when this IVA was proposed a clause should have been made about the car and the respective HP agreement.

The main reason for doing this is to proptect the means of earning surely!

Hope this helps

Regards

Ray

[MelanieGiles]

Aah now I understand - an of course you are absolutely correct!

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

[Endsmeet]

Right here it goes[;)]
Phoned B.H. this morning as asked them why I had received this letter threatening to repossess my car as:
1. I have not missed any payments
2. I am continuing to pay my monthly payment by direct debit, in fact one went out this morning.
3. As B.H. are part of the Lloyds Tsb group why are they taking this stance considering the fact that they are my were my main creditors at my IVA meeting and they voted yes with no mods and are obviously aware of my H.P. agreement with themselves.

The answer was that it is just a standard letter that is sent out to everyone who has a H.P. agreement and has entered into an IVA.
If I continue to make payments on time and in full, there should be no problem at their end.

I then asked what do you mean by 'should be' and they replied that there is a clause in the H.P. agreement which gives them to right to terminate the agreement if I enter an insolvency situation and they have the right to terminate it and claim full monies owed either by repossession or full payment. This will probably not be the case but the clause is there.

I then ended the call and spoke to my parents, they said that they will pay the full amount owing and to hell with them in other words.

I rang B.H. again and asked for a final settlement figure and they gave me one with the remaining interest knocked off (approx £400), I said that I will pay by debit card now and they said ok.

The car is now legally mine and because of B.H. standard letter it has cost them £400.
Ok this may be just a drop in the ocean to them but it certainly made me feel a millions time better and I can now carry on with my IVA and getting myself back on the road to living again.

I spoke to my I.P. and they said that this is no problem and I suggested what Melanie said about putting it to my creditors and they said that they will have a go but as its is a 'gift' they reckon my creditors probably will not accept it and I will have to pay the extra into my IVA.
This is not a problem as it was accounted for in my proposals anyway but it is worth a try.

I appreciate that there are a few roads that I could have gone down and pushed them as far as possible but I think this was the best option for me as I am a terrible worrier and I couldn't face having continuing threatening letters from B.H. standard or not.

So thank you all for your excellent advice, I hope that this posting will help others in a simi situation.
As Andy says count down from 60 and I am at 59 because my 1st IVA payment will be taken tomorrow
Thanks again to everyone

[ray_a]

Well done Ends Meet and pleased we could help!

The only problem is that will your IVA monthly payment rise because you have cleared the HP?

[Endsmeet]

Hi Ray,
Yeh my IVA payments will rise by the amount that I was paying into the HP but as I said, that was accounted for in my proposals so whoever I pay the amount to will not be any concern to me as I was paying it anyway.

Thanks again

[Skippy]

That's good news Endsmeet, and I'm glad it cost Black Horse £400!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Sadsack]

I am amazed at the stance banks will take in today's debt ridden climate. Surely they realise that by taking the high ground on what they deem to be "moral" is costing them money in the long run. (Mind you - we have been funding them for years now!!!) What is the problem with banks today?! I am continually stunned at the attitudes of banks with regard to those who are in IVA's. We are doing everything in our power to pay our debts, give them the best return possible and still they put their feet down, force unnecessary BR's and get absolutely nothing at the end of the day.

Well done Endsmeet.

Drive safely

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Endsmeet]

Hi everyone,
Its funny that when I started my IVA proposals I felt so guilty to all my creditors, so much so that I couldn't apologise enough.
Once my IVA was accepted I still felt the same but, ok I have tried my utmost to give them back what I owed them and thank them for accepting my proposals.
Since B.H. started their threats I have turned my attitude around abit and I am now saying 'I can now understand why they have the reputation they have'
Ok, Lloyds TSB will probably never want me again as a client but now the feelings mutual, considering I have banked with them for 23yrs approx and had numerous loans (some of which I've paid off)and getting approx £1600 a month paid in I really will not deal with them ever again, no matter what.
For the first time in months, I can actually look forward to pay day knowing that everything is in order and nothing can touch me.
I know its a hard attitude to have but I worried myself sick over the weekend concerning my car and all they could say that it was a 'standard letter'.
Well their standard letter cost them £400 and a potential future ( debt free[;)]) client.
Big thumbs up to everyone here[8D]

[MelanieGiles]

All's well that ends well - and so long as you are happy with the end result that is all that matters.

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