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.
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.
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.
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.
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?
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.
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.
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.