www.iva.co.uk

Hi ALL!
Need some advice? Is it possible to get the finance company to lift the HPI on our car that's in the IVA.
Need to sell the car to get 2 cars for work for me and my wife. My IP has just told me that they are fine with me selling car. but I would need to speak to Santander to lift the HP off.

Doubt you will get the Company to release you out of HP agreement......the car is their guarantee incase of you defaulting.

You could:

a) Go to a dealer and sell the car.....they will repay finance and give you the differance.

b) If your over half way with your finance then you should be able to VT (Voluntarily Terminate) by handing back the car.

c) Try to raise the cash via a loan off friends/family to repay car finance, sell car and repay them.

Hi Pennyless,

Thanks for the reply. Before the IVA started, Santander wanted us to sell the car and give them a percentage of the monies we got for it. I would not at that time, so I would think they might do that again.

Quite possible in that case.

Good luck.