Hi all, we have had our iva approved which is great.just opened the mail this morning and our car finance is demanding the car back.. iI'm devastated we need this car to get to work. We couldn't add it to the IVA anyway so I'm not sure how they even know about it.we have budget the payments anyway. If we had paid one third of the outstanding payment we would have been fine we have a shortfall of around £600. Any advice please would be greatly appreciated. We have tried to contact black horse and our Ip but with it been Saturday I can't see me getting any joy till Monday. I don't think I can wait that long. Thanks in advance
Get a letter from your ip confirming that payments for the car are a listed allowance meaning you are not likely to default on the car, and send it to black horse. Fingers crossed.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Black Horse send out termination letters like this but they normally say that if you are in an IVA and an allowance has been made for payments, then you should disregard the letter. It applies more to bankruptcy.
hi again,
The letter i received say that under the consumer credit act. and under our agreement with them. they are entitled to terminate our agreement if we make an application for a voluntary arrangement. It states the date we made an application and they intend to terminate our agreement in 2 weeks time and recover the car also on that date.It sounds all official and im worried theres nothing we can do as i hear that black horse are quite tough aswell. the last thing we need is to lose our car as this is the source of our income. I did send the terms and conditions of the car finance to the ip as she asked to see them incase it was possible we could add this to the iva. Nothing was ever mentioned that we could lose our car so we are really shocked. I will mention it to blackhorse paul about the payment been listed in our allowance and hope this helps sway the decision to take the car...... gutted!!
Speak to black horse on Monday morning and explain - hopefully as Paul says they will be fine once they know the allowance has been set to include a definite payment to them each month....
I would also see help from your IP and establish what will need to happen should Black Horse not agree to this.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
