Do I have to sell my car and motorhome if I enter an IVA ?

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raymond747

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Post by raymond747 » Fri Jan 20, 2017 5:08 am
If I enter into a I a the car I have on finance and my motorhome does it have to be sold

kallis3

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Post by kallis3 » Fri Jan 20, 2017 6:59 am
Hi,

Unless the motorhome is where you live then I suspect that may have to be sold. The car may be ok unless the finance company aren't happy to let you keep it.
Sharing from experiences of dealing with debt
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Foggy

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Post by Foggy » Fri Jan 20, 2017 10:08 am
I agree with Kallis -- if the M/home is of any value it might have to go, but would need to be discussed with the IP. The car, as long as it is modest will be OK from the IVA point of view, but some finance houses have a clause to repossess if you enter a debt solution and the loan is secured on the vehicle ( though many don't act on it).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Lisa Thomas

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Post by Lisa Thomas » Fri Jan 20, 2017 3:44 pm
If the creditors accept the HP payments as part of your expenditure then you might be able to keep the car but ultimately it will be up to the HP Company to decide whether or not they wish to repossess it or let you carry on (or perhaps transfer to a third party...).

As per the motor-home - that depends on what Kallis has asked you.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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