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Posted: Mon Jan 05, 2009 12:52 pm
by mrm
I have alot of unsecured debt, however if i went into a IVA, would i be able to keep my secured debt ( hp on car) or would i have to lose the car as well?
Posted: Mon Jan 05, 2009 12:58 pm
by kallis3
Hi mrm and welcome.
As long as you could afford to pay the loan repayments on the car as well as your normal outgoings and IVA payments, then you would be able to keep the car.
Posted: Mon Jan 05, 2009 1:00 pm
by mrm
Thank you....
Posted: Mon Jan 05, 2009 10:23 pm
by MelanieGiles
This would depend upon the reasonableness of the HP payments and the value of the car - but Kallis is right in that this rarely happens in practice as presumably you do need the use of a car to get to and from work.
Posted: Tue Jan 06, 2009 5:56 am
by David Mond
Again provided you are not purchasing (through HP) an expensive vehicle which has a reasonable equity value that might suggest to creditors that you should sell it and trade down - you will be able to continue with the HP whilst doing an IVA
Posted: Tue Jan 06, 2009 9:06 am
by Skippy
Providing it's not an overly expensive car I don't see why you wouldn't be allowed to keep it, especially if you need the car for work.