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what if one of my creditors is a car loan company, will i be able to keep my car

Hi carol

Is the car on a hire-purchase agreement or an ordinary unsecured loan? If it is on hire-purchase, providing that it is not of excessive value, or the payments are high, it is likely that you will be able to retain the vehicle - but you will need to be able to carry on making the payments. If it is on a loan agreement, then the car is legally owned by you, and again so long as it is not of excessive value, you will very likely be allowed to retain it if you decided to enter into an IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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Hello Carol,

I would go back to your original paperwork and see if this is a Higher Purchase or a Fixed Sum loan agreement. If the car is on HP then you will be allowed to continue to pay this off, unless the monthly amount is as high as your disposable income. If it is a loan then you can do whatever you like with the car.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/