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Posted: Mon Oct 27, 2008 8:00 pm
by c-e
if i go for a iva do i lose my car
Posted: Mon Oct 27, 2008 8:01 pm
by MelanieGiles
Hi there and welcome to the forum
Not usually - unless it is of excessive value, or is financed by a finance agreement which gives the lender the right to terminate upon the entering into insolvency proceedings.
Is the car financed at all? If so is it on HP, lease or purchased via an unsecured loan?
Posted: Mon Oct 27, 2008 8:03 pm
by freelili
Hi and welcome to the forum.
If the car is a loan the balance would go into the IVA, if its on HP, you continue to pay it then when the agreement ends, that money would go into the IVA pot. Of course if its a lexis, or jag, or rolls then you would be expected to scale it down a bit.
I hope this helps
Posted: Mon Oct 27, 2008 10:13 pm
by kallis3
Hi and welcome from me too.
Our car was worth about £8,000 at the time we took out our IVA and we were allowed to keep it.
Posted: Wed Oct 29, 2008 10:39 am
by Frank Butcher
Hi all, first post from me. I currently own a audi worth around 37k. Its on finance with Audi over 3 years, with a balloon payment due of 20k at the end.
Would an IVA mean that th acar would have to go? Not that fussed if it does (well I am but a roof over my head is more important)[:)]
Posted: Wed Oct 29, 2008 11:36 am
by MelanieGiles
Hi Frank and welcome to the forum
If the HP payments are very high, which I suspect they will be, then you may be asked to return the vehicle - and if you are in an IVA it will be difficult to fund the balloon payment if Audi do not let you refinance.
As this may leave a residual balance due to Audi, you would need to take this into consideration if you are going to enter into insolvency proceedings.