www.iva.co.uk

I have a HP agreement with Park Motor finance which is due to end on 15/02/09 where the payments I am making to that agreement will go to the IVA from 15/03.
However I have recently had my first ever annual statement from them which showed that I owe £900 more than I was aware of.I knew about some late payment charges but that was for a total of £181.Unfortunatey they are a sub prime lender and they have been awful to deal with at some times very agressive.I have offered them a full and final settlement of my last 3 payments plus £35 with the support of Payplan.Do you think this will be accepted and is it a reasonable final offer seeing as they say I owe £1781.
Park finance are aware of my IVA as they are a secured creditor and have threatened in the past to reprocess the car because of the IVA but it has been idle threats.
If they do not agree to the settlement do you think i should just tell them to collect the car and pay another on with the £900 available or should I fight it in court and would i be likely to win...
It is very important to me that my IVA runs smoothly and that the promised payments are made from March 2009.
thank you again

I suppose it depends on what you are offering them in relation to what you owe. Payplan obviously think it is a reasonable offer.

Even if they reposses the car, you might find that you still owe them money. If your car is a reliable one as well, I would keep it as it has to last you until the end of the IVA. £900 won't get you a lot.

Hi
You can just hand the car back if you wish with no penalty as you have paid more than 50% of the total agreement.
Seems a bit of a waste though as I'm guessing that the car is worth more than £900 in dispute.
Maybe you could agree to pay them the remaining £900 in small instalments if you can afford to whilst paying the extra into your IVA as agreed.
Regards

Not sure what you mean by offering a settlement on the basis of your last three payments. Could you clarify that please?

I am due to finish the agreement in feb 2009 and pay £287.40 per month.I have 3 payments left - 15/12 , 15/01 , 15/02 - I have offered them the 3 payments plus a small amount for the £181 late payment charge for settlement within 7 days.

Park stopped lending in August this year and in essence just collectors now. I would expect them to take a pragmatic approach to a full an final offer.

In a couple of recent cases they accepted 40% of the debt to get hold of the cash now.