You would not be able to include the car if it is your intention to keep it because it is secured finance, your creditors will want the payments to be reasonable and if the HP finishes within your term of five or six years it is normal for your payments to then increase as you would have more income to pay your creditors
Hi. Normally, as long as we are not talking Aston Martin or the like, you are able to retain the car and the HP / Lease payments will form part of your allowable expenses. Be aware, however, that some HP / lease providers do not like IVA's and might move to repossess. I gather VW finance are such a beast ---- although most agreements include insolvency provisions most lenders are happy as long as the payments are made in full and on time.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
