www.iva.co.uk

I am looking at entering a IVA for my unsecured debts, will black horse cancel my car finance?

Woowoo wrote:

I am looking at entering a IVA for my unsecured debts, will black horse cancel my car finance?

Most car finance firms have an insolvency clause, but many do not operate it. Maybe a Black Horse customer will come along and share their experiences. Also be aware that it is next to impossible to re-finance at the end of the finance contract.

Hi,

We had a new car about 3 yrs before our IVA through Lloyds/Blackhorse and refinanced before the IVA started and I'm sure we were able to arrange the new terms well before the 3 yr deal was up, so didn't cause any issue with the IVA.
It was just written in that at the end of the new term the payment would be added on to the IVA. When that time came a good chunk of it was off-set by expenditure increases they allowed.
Worth trying.

I had a PCP with Black horse when my IVA started, wasn't an issue as my allowance allowed for the payments until termination.

Ask them what their polivy is but also bear in mind even if the HP Company continues to allow you to have the vehicle on finance, the creditors may object to the payments when reviewing your Income & Expenditure and calculating any potential contributions you may have to pay into the IVA pot.