Hello
This is my first time on this forum. I read it all the time, but I would like some advice please.
My IVA started in Dec 2009 and I have a car on hp. The monthly payments were agreed by my creditors and included in my outgoings. I received a letter yesterday from the finance company saying as I have broken my terms by having an IVA,I must pay the outstanding balance or give back my car in 3 weeks. I rang them and was told there is nothing I can do to change the decision. I am writing to them anyway with copies of the agreement showing they are included in my outgoings to see if it will change their minds. I spoke to my IP who said as the loan is classed as secure they can't get in touch with them for me.
I have a second job in the evenings which I will have to give up if I lose my car and so my income will go down.
Has anyone any ideas to help?
Well they probably do have the right to do this, but it does not make commercial sense for them to reposses the car and then sell it for probably a shortfall, rather than earning money out of you by way of your ongoing HP payments. Barmy!
Hi,
I was in exactly the same situation with Black Horse when I started my IVA, when I phoned them they said that it was just a standard letter and if I keep up the payments there will be no problems,
I choose to pay the car off in full anyway with help from my parents but I would certainly ring them again and ask to speak to someone higher up the ladder so to speak,
I'm sure that once you prove that they are included as a secure creditor they will see common sense and allow you to continue.
As stated above they are most probably well within their rights to do this but it is more than likely not going to benefit them.
I think it is a good idea to send them the information showing that the payment has been allocated within your expenses and also try speaking to a manager within the company to explain what impact losing the car will have.
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Thanks for your replies.
I have sent my information off and tried ringing and asking to speak to a manager but they won't put me through. They will look at the information I have sent in and get back in touch with me. It's worrying waiting as I will have to leave my evening job and that will affect my IVA payments. The company is RCI finance. Have they done this to anyone else?
I will let you know the outcome.
Thats not good customer service is it - not allowing you to speak to a manager. There should be a manager available. I hope you go on okay. I didn't tell the HP company I have my car with tht I entered an IVA. I innocently didn't realise that I had to. However I have paid every month on the nail and it's paid for in another 11 payments thank goodness, then the 207.00 I paid for that goes into my IVA for the last 22 payments. I really hope you get to keep your car.
Hi
I think that this is a fairly standard letter and they will not actually exercise their entitlement to take the car. Keep making payments and continue to communicate with them.
I am sure that common sense will prevail
Regards
Louise76 wrote:
Thanks for your replies.
I have sent my information off and tried ringing and asking to speak to a manager but they won't put me through. They will look at the information I have sent in and get back in touch with me. It's worrying waiting as I will have to leave my evening job and that will affect my IVA payments. The company is RCI finance. Have they done this to anyone else?
I will let you know the outcome.
Just keep making the payments. I was with them for the first 10 months of my PTD(scottish version of an IVA),and got several letters saying they would take the car. Eventually they will realise that you are allowed to maintain the payments and leave you be.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Bad news I'm afraid.
I have spoken to a manager and they have read my documents, but the decision still stands. They collect my car at the end of the month. This is my second car with RCI and I have never defaulted on a payment but I am too risky with 4 years of payments to go. So, I will have to leave my evening job and look at my IVA payments.
I'm really fed up!
Heh Louise I was with RCI and you must try again!!!! get you IP to help or maybe look and have a chat with Duncton (high APR) but ask if they can take over or refinance you, dont give up lovey tell them there is an amount allocated for you to pay this and also ask them to look at your previous payment history, my story worked out and they refinanced my balloon payment as well, it was at a high Apr but I managed to pay it all. Ask to speak to the manager or head of dept and get your IP to help to !!!!! good luck xx If all else fails try looking at the cars at Duncton they do charge a higher APR but will give finance to people in IVA's xxxxxxx
On the slow safe road to success. Personal thanks to Melanie Giles Kallis Skippy Elv5 and all the other wonderful forum friends.
Yes - your IP should now definately intervene and speak to this finance company directly on your behalf. Is there anyone who could stand guarantor for the payments for you?
I can't believe that a finance company would repossess any car because of an IVA, they are going to lose out as if they take the car and sell it they are certainly not going to get what it is worth and if you settle it early, they will lose out on a lot of interest.
Black Horse tried their best to keep me paying ( they even offered me a 'better deal' ...yeh right) as once they realised that I was prepared to pay it off early (which I did) that they would lose about 1k in interest.
As Mel says, contact your I.P. and ask them to contact the finance company concerned and hopefully they will listen to common sense.
