www.iva.co.uk

Hi

If I took out an IVA, would I have to include the car I have on hire purchase, and would I lose the car? Because I need the car for my job.

Thanks

Cars on HP are generally excluded from IVAs so long as the value of the vehicle and amount of the HP payment is not excessive. You would then continue to make the ongoing HP payments until the agreement concludes, at which time your IVA payments would increase as a result of the saving.

In other words yes you can do an IVA and keep your HP installments going. Obviously as long as there is little or no equity in the vehicle and the monthly installments are not excessive.