www.iva.co.uk

My car is 1 year into a 3 year lease with Lombard. Will the lease agreement have to be put into the IVA and if so will the car have to go back or can I keep it out of the arrangement?

I need a car to work!

Hi and welcome to the forum,

You are allowed to keep a car in an IVA as most of us need one for work.

It does depend on the value of the car though. You may have to downgrade - can you post more details of the lease agreement?

xx

Hello I negotiated my IVA July 2005 in June 2004 I took delivery of a Renault Megane brand new 04 plate, I had an agreement of £249 per month with a balloon payment to be paid after 3 years. I kept my car still have it now!! I refinanced the balloon payment with the exisiting lender Renault who rejected me for re-fianance of the balloon but after showing all my IVA documents they happily refinanced me for the remainding £4000 which I will be finishing soon!! I think you need to clarify if its lease purchase or HP or a personal loan. Good luck....dont panic cross every bridge when you get to it !![:D]

I too lease a car from Lombard. I am allowed to continue payments so no problems. I have rearranged to increase the length of the lease with Lombard so far with no problems. As I found I was not able to take out a new lease and my IP will only allow me £99 a month for car payments (the amount I was paying at the start of my IVA)

Hope that makes sense, just let your IP know what is happening.

Jan

The leasing company will have to be notified about your IVA, as they are a contingent creditor, however you will be allowed to continue making the ongoing payments as presumably you need a source of transport for travel to and from work, and for private use.