www.iva.co.uk

can I keep my car which is on h p if I get an iva

welcome to the forum, yes you will be able to keep your car in a IVA. please talk to 2 or 3 company's.
someone will be along with the link. its free to talk with them and you don't have any up front fee

It depends on the HP company as some such as Volkswagen will move to repossess even if you are up to date. the insolvency practitioner will rarely have a problem unless it is very expensive but the HP company have the main say.

It is also possible the agreement is not actually HP or secured so get some free advice from an IP firm and good luck.

I am afraid that Michael is correct, and there are some companies who are decidedly unhelpful and uncommercial when it comes to customers who genuinely want to honour their agreements with creditors. Thankfully they are still few and far between. Let us know the name of the company your agreement is with, and I will be able to confirm their current policy.

Hi I have just seen this topic. Our creditors meeting is tomorrow and I am having sleepless nights waiting to hear if RCI will let us keep our car.We havent heard anything from them yet but I have palpatations everytime the post drops on the mat. Do you happen to know their current policy Melanie?

I have not encountered difficulties with that particular company in the past, so fingers crossed you will be OK.

Think very carefully about this before entering an IVA
we were told that we would have no problem with our hp with Ford by our IP so we agreed to enter into an IVA. 12 months in we lost our car. Be prepared for this eventuality as we were not!!

Hi thanks for your reply but can I just ask why it was a year later that you lost your car? I was under the impression that if they were going to repossess they would do so fairly quickly and I'm just dreading the letter on the mat as we still have this horrible uncertainty. Our IVA was approved today and I cant say I feel anything other than despair I woke up in floods of tears this morning probably the massive stress of the last eight weeks I think all through the process (which took 8 weeks from beginning to approval) I always hoped this day would never come and that something would happen so that we didnt have to do this. I dont know exactly what I was hoping for - something ridiculous like a lottery win or other windfall!

It is not the IVA which causes the issue with a HP agreement - but the fact that their customer is insolvent. So whether you do an IVA, go bankrupt or enter into any other form of compromise with creditors, there is a risk that the HP company may terminate the agreement.

Hi yes I understand that but cant get why Christabelle sparkles Hp company waited until she was a year into her IVA before they repossessed her car or have I misunderstood that?

with reference to ford, the same thing happened to us, we were 18 months into our iva and our car was on a 2 year lease, which meant we had to refinance it when the 2 years was up, which was in march this year, even though we had not missed any payments ford would not let us keep the car!!!! so perhaps this is what happened to the other person?

Maybe because it took them a year to find out that she was in an IVA? I don't think IP's necessarily inform all and sundry they have a client starting an IVA, I know Lloyds TSB are currently closing current accounts of people they find are in an IVA, we have our account with them and they haven't closed ours yet, but that's probably because they don't know we are in an IVA, but that's not to say they won't at some point.

First direct close theirs as well I'm just waiting for them to find out but I have another account waiting

Sally, I wouldn't advise waiting for First Direct to discover the IVA before moving --- they have been known to freeze accounts overnight.

Thanks so much for all the feedback. Grant Thornton told me that they would be sending a copy of the proposal to RCI who our HP is with at the same time as our creditors.I assume that they know we are in an IVA so hope therefore that the longer we dont hear the better. I had phoned RCI on an info only basis and the girl in collections said that they do sometimes repossess but that it would be referred to a manager for a commercial decision. The reason she gave was that if they do not take the car immediately they cant be included in the IVA at a later date. I await their decision with a feeling of dread