Looking to lease a vehicle. My car on HP lease agreement has been taken back.

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Rachaeldl87

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Post by Rachaeldl87 » Tue Sep 23, 2014 4:51 pm
I have recently had an IVA accepted and had a car on an HP/Lease agreement to which I was informed would not be included as this was not a debt. However, the car has being taken back as I have broken the terms & conditions of the lease contract. Would anyone be able to advise of a company which I would be able to lease a vehicle as without this I will not be able to work.
 
 

Michael Peoples

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Post by Michael Peoples » Tue Sep 23, 2014 5:02 pm
This may be difficult and you should speak to your IP. Many firms do repossess lease cars and even those on HP so your IP should be able to advise you what to do.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

sosilly

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Post by sosilly » Wed Sep 24, 2014 9:38 am
Who is your HP/lease agreement with Rachaeldl87?
 
 

Rachaeldl87

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Post by Rachaeldl87 » Wed Sep 24, 2014 9:55 am
Michael I have not had much help with my IVA company at all in this matter.
 
 

Rachaeldl87

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Post by Rachaeldl87 » Wed Sep 24, 2014 9:56 am
Sosilly - It was Vaulxswagen Finance. They took it back as I had breached the contract by entering into the IVA not because I have defaulted any payment whatsoever.
 
 

Michael Peoples

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Post by Michael Peoples » Wed Sep 24, 2014 9:59 am
It is well known that VW repossess vehicles of those who enter IVAs. We warn all our clients beforehand and if they cannot make alternative arrangements and they need the vehicle there is little option other than a DMP.

I am really surprised your IP did not notice this as it has been the case for quite some time and is regularly referred to on this forum. You should speak to your IP and get some answers.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

sosilly

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Post by sosilly » Wed Sep 24, 2014 10:05 am
Ah ok. My IVA was accepted on 12th September and I have a car lease with ford credit which also mentions in the smallprint they have the right to take back the vehicle if you enter into an IVA so I am just hoping they are ok with it as long as I make the payments on time and this is my 2nd lease car with them. Did you just receive a letter from them requesting you returned the car? How far are you into your IVA?
 
 

Michael Peoples

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Post by Michael Peoples » Wed Sep 24, 2014 10:12 am
Ford Credit are fine with IVAs as are most HP companies. VW plus their myriad of trading names are renowned for this and move to repossess as soon as the IVA is approved. As a secured creditor they must be informed so this was always going to happen.

You will be fine Sosilly unless Ford Credit change their practices which does not seem to be the case.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Adam Davies

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Post by Adam Davies » Wed Sep 24, 2014 10:21 am
Hi

Try Moneybarn for a new lease agreement

As others state it is well know that VW finance will take back a car if the debtor enters an IVA

Regards
Andam Davies
 
 

sosilly

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Post by sosilly » Wed Sep 24, 2014 12:31 pm
Thanks Michael, thats a relief to know.
 
 

Rachaeldl87

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Post by Rachaeldl87 » Wed Sep 24, 2014 1:27 pm
Sosilly I enterend my IVA in July this year. I got a letter from VW telling me they wanted it back and when I phoned to discuss was just told it didn't matter I could make the monthly payments I had breached the contract. I really hope Ford are good with you and wish I had gone through them for mine as they are the best cars. Good luck.
 
 

Rachaeldl87

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Post by Rachaeldl87 » Wed Sep 24, 2014 1:28 pm
Andy, do they do lease agreements as looking on the internet I have to apply for finance and each time I am doing this with other's I'm getting a no.
 
 

Michael Peoples

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Post by Michael Peoples » Wed Sep 24, 2014 4:17 pm
Who is your IP and what have they said about this?
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Rachaeldl87

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Post by Rachaeldl87 » Wed Sep 24, 2014 4:34 pm
Michael - I am with Hanover Insolvency (Sandra Marshall) and all they tell me to do is shop around and there is nothing they can do help me. I am very angry and upset with the whole situation I feel they have put me in. However, my main purpose is to find a car and then deal with IVA company after. I would be grateful for any advice you can give.
 
 

sosilly

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Post by sosilly » Wed Sep 24, 2014 6:43 pm
That's not good Rachealdl87 - I hope you get sorted. Good luck x
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