Page 1 of 1
Posted: Mon Apr 20, 2009 2:37 pm
by deejay1985
Im thinking about applying for an IVA but am very new to it all. I was just wondering - If I got accepted for one, would I have to include my hire purchase car and would I therefore then lose it? I need it for my job but still have around 4k to pay on it. Can i just not include it in the IVA and carry on paying it as i do?(my payments are up to date)
Posted: Mon Apr 20, 2009 2:59 pm
by flumpy dog
hey deejay hope youre ok
kal or one of the other experts will advise better
there are lots of forum members who have had the same as you and kept their car
not sure if its kept separate or interlinked with iva
one of the pros will be here soon
Posted: Mon Apr 20, 2009 3:25 pm
by kallis3
Hi,
Your car would be outside of the IVA and you would continue to make the payments on top of any IVA payments. Once you have paid it off totally, then those payments would be incorporated into the IVA.
Posted: Mon Apr 20, 2009 8:14 pm
by MelanieGiles
Yes Jan is correct in that the hire purchase payment is an essential one, as you could not get to and from work without the car. Is there a balloon payment at the end, or do you end up owing the car once you have made the last payment?
Posted: Wed Apr 22, 2009 9:05 am
by deejay1985
MelanieGiles wrote:
Yes Jan is correct in that the hire purchase payment is an essential one, as you could not get to and from work without the car. Is there a balloon payment at the end, or do you end up owing the car once you have made the last payment?
I simply pay £130 per month for 3 years and then the car is mine. (i've had it 4 months so far)
Posted: Wed Apr 22, 2009 5:18 pm
by kallis3
You would just continue to pay for the car on top of an IVA payment and then once it was completed the £130 would go towards your IVA.
Posted: Thu Apr 23, 2009 11:07 am
by David Mond
The advice given is correct.
Anyway if you are considering an IVA you need to have a chat with an IP and give him/her details of all your personal and financial circumstances and particulars.
Visit
www.iva.com for reviews on firms and practitioners and select one or two to have a chat with.
They will give you the appropriate advice and it is free.
Let us know how you get on.
Posted: Tue Apr 28, 2009 10:35 am
by waggers
As has been said the information you have been given is correct.
I was in a similar position and now my car is paid off the payments i was making go straight onto my IVA however my expenditure relating to my car increased because of its requirements for extra servicing works MOTs and so on this should be taken into consideration when doing your income and expenditure in my opinion