I have a car on HP,which is used as a Taxi

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david9

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Post by david9 » Sun Aug 05, 2007 8:22 pm
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I have a car on HP,which is used as a Taxi,will I be able to carry on the payments,or will the car have to be returned.
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Adam Davies

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Post by Adam Davies » Sun Aug 05, 2007 8:39 pm
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Hi
I presume that you are asking the question with regard to possibly entering an IVA.
The answer is yes,as it is needed for your income.As long as the finance company are happy for you to enter into an IVA and your other creditors agree[by 75% majority owed]then you should have no problem.
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Andy Davie
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Andam Davies
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iva experts

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Post by iva experts » Mon Aug 06, 2007 12:36 pm
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Welcome to the Forum David,

As your car is vital for your employment I wouldn't think keeping the car would be a problem. However do you have a balloon payment that is needed to be payed at the end of this agreement?

Best Regards. IVA Experts
Last edited by iva experts on Mon Aug 06, 2007 12:36 pm, edited 1 time in total.
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Michelle Pontes
IVA Experts
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Oliver

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Post by Oliver » Mon Aug 06, 2007 12:50 pm
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You first need to find out if your finance company is happy for you to continue the HP arrangement in an IVA and also for you to use the car as a "taxi". If the answer is yes then this will usually be allowable in an IVA as withholding this would adversely affect your ability to earn.

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Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
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Oliver
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