Hi all,
I had an early settlement proposal accepted back in feb this year and paid the money required straight away, I was told that it would take 6-8 weeks for things to be sorted, my iva then got transferred by be to gt and can not get an answer from them as to when the iva will finish. Other than this I need to change my car, it is on it's last legs and will start costing me soon. I have had a hpi check done on it and it says that there is still outstanding finance due. When I entered into the iva I submitted the vehicle finance under the secured loan part of the form thinking that this would still needed to be paid separately however Blair endersby told me that this particular agreement was not secured against the vehicle and could be included within the iva and the vehicle would still be mine. Does anybody know if Santander consumer finance have any legal claim on the vehicle? Or has anyone else been in a similar scenario?
No idea on this one I'm afraid. Have you checked to see what it says on the paperwork for the vehicle loan?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Yes the debt was included in the iva, Santander have received payments since the iva began. My thinking is that if this is an unsecured loan how can they have a hold on the car, it sort of a contradiction. They will get the settlement once GT sort themselves out but I don't think that they should have the right to the car in the first place. I have had a look at the original paperwork for the finance and it says that it is a fixed term loan agreement, there is nothing in the terms and conditions saying that they are able to reposess the vehicle if payments are not up to date.
Perhaps it is showing as money owing because the IVA is not yet completed?
It won't be finalised until you get the completion letter.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
How various creditors register defaults seems to be a moveable feast and they all treat them differently .... some even mark them satisfied pr partially satisfied from day one of the IVA. Until the IVA is formally complted they will do allsorts to the file, which is largely beyond your control ( as long as it's loosley factual).
The important thing here is the date of any defaults, as you don't want anything dated much after the start of the IVA.
Then it's the normal clear up procedure once you have the completion certificate and 6 years post acceptance it all drops off ( the credit record that is).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Surely even if the account is registered in default this should not affect the status of the vehicle and allow me to sell it. I suppose I will have to wait until I can speak to GT (closed at the weekend when most of are off work) and see what they say, failing that would anyone think it worth while speaking to Santander and seeing what they say?
You will always owe 100% of your debts until you get your completion letter so this maybe why the company are still showing you as owing money.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
My query with that is that surely the company would have looked to repossess the car if the loan was secured on it via HP?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
They can only repossess if less than a third of the payments have been made as far as I know, Jan. After that it has to go to court for a determination, which step might have been stopped by the IVA.
The answer must lie somewhere in the small print of the loan agreement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If it shows on hpi it's secured against the car. A bank loan would not show against the car. I'm not sure whether a car dealer would sell non-secured loans as their kick back is massive for secured loans. Foggy is correct about the 1/3 rule however an IVA wouldn't stop that court action as it's the same as if you stopped paying your mortgage.
The road is 72months long starting September 2010.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
