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Posted: Sun May 27, 2007 7:55 pm
by ayn
Hi, I'm currently in an IVA since November 2006. I have a car on finance which requires a final payment in 30 months to buy the car, or it will be taken away. I require a car for my work, is there any way round this, i dont have use of any other car.
Posted: Sun May 27, 2007 8:04 pm
by Storm
Only to refinance the balloon / final payment.
You could try your current lender to see if they will do it .........
Posted: Sun May 27, 2007 8:18 pm
by Adam Davies
Hi
What was the provision in your IVA regarding this ?
Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)
Please check out my blog:
http://andydavie.blogs.iva.co.uk
View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp
Posted: Sun May 27, 2007 9:03 pm
by ayn
ayn wrote:
Hi, I'm currently in an IVA since November 2006. I have a car on finance which requires a final payment in 30 months to buy the car, or it will be taken away. I require a car for my work, is there any way round this, i dont have use of any other car.
Posted: Sun May 27, 2007 10:07 pm
by MelanieGiles
Hi ayn
As Andy says, this should be provided for within your IVA proposal. What did your supervisor recommend to you at the time, and what did creditors actually accept? I very often have clients with similar agreements, and advise them to ensure their lender will allow a refinance before they enter into their IVA. I am sure this was probably also done in your case?
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk