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Posted: Wed Jan 07, 2009 11:08 am
by donnadk
i have a car on hp which i need for work, if i have an iva would my car get repossesed?
Posted: Wed Jan 07, 2009 11:32 am
by MelanieGiles
Hi there Donna and welcome to the forum
Your car would usually be safe within an IVA, but you will need to maintain your payments under the HP agreement to avoid repossession. The HP payments would be built in as an allowable expense, and your disposable income to offer to creditors would be calculated taking this into account.
Posted: Wed Jan 07, 2009 11:59 am
by Michael Peoples
Hi Donna. Are you sure that the car is actually on HP as many companies now offer unsecured loans for vehicle purchases? These are aften called fixed sum loan agreements, car loan agreements and the like but are not actually secured on the vehicle.
However, if it is HP then as Melanie is correct although some small finance companies have repossessed as they fear or do not understand IVAs. Who is your HP company?