I have started the process of an IVA the creditors meeting is on 15th of this month I have been told I can keep my car an is a secured debt, I've just looked through my contract for my car finance and it states under our right to end agreement
You are unable to pay your debts as they fall due, suspend or threaten to suspend making payments on any of your debts or you are or become insolvent
I'm now worried I've done the wrong thing and my car will be taken off me by the finance company I need it to get to work and to pick my 2 children up from 2 different schools .
Am I right in thinking they can do this
It is possible that they could do this - you could make an anonymous call to the finance company and ask the question.
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
This is a standard clause in many car finance agreements and, I have to be honest, and say I have seen it acted upon, but very rarely. Most companies are happy to continue as long as their own payments are met. However, if there is a final payment due at the end, you will not get further finance for this, nor will you be able to refinance on another car.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have those T&C's in my car contract when I entered an IVA. My finance company were more than happy I would still be paying them in full each month. Like Foggy says they didn't entertain me at the end of the agreement to refinance the balloon payment though.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
Thank you everyone. I spoke to my ip and was told to phone car finance company which I did and was told that as long as I keep up with my repayments everything would be fine I even asked for them to send that via email as long as I don't go bankrupt all will be fine.
helen534 wrote:Thank you everyone. I spoke to my ip and was told to phone car finance company which I did and was told that as long as I keep up with my repayments everything would be fine I even asked for them to send that via email as long as I don't go bankrupt all will be fine.
Great news -- and, of course, those payments will form part of your agreed budget, so should be manageable.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
helen534 wrote:I have started the process of an IVA the creditors meeting is on 15th of this month I have been told I can keep my car an is a secured debt, I've just looked through my contract for my car finance and it states under our right to end agreement
You are unable to pay your debts as they fall due, suspend or threaten to suspend making payments on any of your debts or you are or become insolvent
I'm now worried I've done the wrong thing and my car will be taken off me by the finance company I need it to get to work and to pick my 2 children up from 2 different schools .
Am I right in thinking they can do this
Hi, I have just completed my IVA (in April). I was led to believe it had to include all credit agreements as well as any other debt. However i was able to Lease a new car throughout the IVA. Although scary it is a way back and it does offer you the chance to get everything under control.
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
helen534 wrote:I have started the process of an IVA the creditors meeting is on 15th of this month I have been told I can keep my car an is a secured debt, I've just looked through my contract for my car finance and it states under our right to end agreement
You are unable to pay your debts as they fall due, suspend or threaten to suspend making payments on any of your debts or you are or become insolvent
I'm now worried I've done the wrong thing and my car will be taken off me by the finance company I need it to get to work and to pick my 2 children up from 2 different schools .
Am I right in thinking they can do this
Hi, I have just completed my IVA (in April). I was led to believe it had to include all credit agreements as well as any other debt. However i was able to Lease a new car throughout the IVA. Although scary it is a way back and it does offer you the chance to get everything under control.
Hi Bones. Which firm did you lease through (always good to know the helpful ones) ? I assume the lease agreement commenced before the IVA started.
A lease agreement / PCP / HP etc. for car purchase doesn't get rolled into the IVA as the "debt" is secured on the vehicle and, as such, does not fall under the category of unsecured debt. As long as the creditors are satisfied that the car agreement is "reasonable", they will agree to the payments being allowed in your expenses, for you to carry on paying for the car as normal.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hope you don't mind me asking but which company are you with? I'm ome month into an IVA and dreading a letter about the car being taken! I'm with Northridge, thanks!
Rlh1994 wrote:Hope you don't mind me asking but which company are you with? I'm ome month into an IVA and dreading a letter about the car being taken! I'm with Northridge, thanks!
My car finance is with motonovo.
My ip is Hanover insolvency. As long as I'm not declared bankrupt my car is fine have had full confirmation from finance and ip.
But my iva hasn't started yet my creditors meeting is Wednesday
Rlh1994 wrote:Hope you don't mind me asking but which company are you with? I'm ome month into an IVA and dreading a letter about the car being taken! I'm with Northridge, thanks!
My car finance is with motonovo.
My ip is Hanover insolvency. As long as I'm not declared bankrupt my car is fine have had full confirmation from finance and ip.
But my iva hasn't started yet my creditors meeting is Wednesday
Shouldn't of said started yet mean accepted every part of me is crossed that it is
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
