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Posted: Tue Dec 20, 2011 4:26 pm
by runiuksp
Hi,
I'm on IVA (just started) and I've a car on HP(3 years left out of 5).
Is there a possibility to replace it under same HP while in IVA? Or can I trade it in and take another HP? Is it possible at all?
Many thanks
Posted: Tue Dec 20, 2011 4:31 pm
by kallis3
You will probably find that HP is pretty hard to get and even your present company won't want to know. You need to speak to your IP about it in any case.
Posted: Tue Dec 20, 2011 5:24 pm
by James Falla
Hi there
As Jan has said, getting a new HP agreement while you are still in an IVA could well be difficult. It would be better to keep the car you have got and then think about replacing it when your IVA is finished. If you really need to replace the car then the first port of call is to discuss the options with your IP as I am sure that they are expecting you to increase your IVA payments when your HP is finished in 3 years.
Posted: Tue Dec 20, 2011 6:53 pm
by orange
so are you allowed to keep a car on hp? what happens if you put the debt in the iva ? would the car have to be returned?
Posted: Tue Dec 20, 2011 7:00 pm
by kallis3
I believe it would. What normally happens is that you pay the HP on the car then when you have finished paying for it that money goes to the iva.