my car loan is secured on the car so cannot be included in an iva because iva s are for unsecued debt only.
However the car is essential for work so we were allowed to keep the car and continue the payments.
I think a lot of car finance are personal loans and not Hire Purchase. I got my finance through the car dealer and I thought it was HP but it turned out to be an unsecured loan.
7 year IVA completed in December 2016 - there is light at the end of that tunnel
Not necessarily marky. You would have to check the terms of the 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
If it is a fixed sum loan creditors may ask for the vehicle to be downgraded if it is worth a substantial sum. The savings would be entered into the IVA for the benefit of all creditors.
