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Posted: Sun Oct 11, 2009 8:39 am
by denis.5
My car is on a fixed sum loan agreement can it be included in an iva ?
regards Denis
Posted: Sun Oct 11, 2009 9:17 am
by marky b
my car loan is secured on the car so cannot be included in an iva because iva s are for unsecued debt only.
However the car is essential for work so we were allowed to keep the car and continue the payments.
Posted: Sun Oct 11, 2009 10:53 am
by MelanieGiles
Hi Denis - yes your car loan should be included into the IVA, and you will therefore cease making the loan payments directly to the lender.
Posted: Sun Oct 11, 2009 2:37 pm
by marky b
isnt the car loan probably secured on the car melanie.
Posted: Sun Oct 11, 2009 2:42 pm
by Cath
I think a lot of car finance are personal loans and not Hire Purchase. I got my finance through the car dealer and I thought it was HP but it turned out to be an unsecured loan.
Posted: Sun Oct 11, 2009 3:25 pm
by kallis3
Not necessarily marky. You would have to check the terms of the loan.
Posted: Mon Oct 12, 2009 9:39 am
by Michael Peoples
If it is a fixed sum loan creditors may ask for the vehicle to be downgraded if it is worth a substantial sum. The savings would be entered into the IVA for the benefit of all creditors.