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Posted: Sat Feb 09, 2008 9:53 pm
by deanofw
If i entered an IVA would i have to sort out all my credit or can i pick and choose.
Reason is i have a car on finace which i own 3 quaters of.
I would like to finish paying for this as i haven't got long left to pay on it.
Why is not garanteed that you can enter an IVA.
Posted: Sat Feb 09, 2008 10:05 pm
by Lisa2009
Hi and welcome
You cant pick and chose, you have to disclose ALL your unsecured debts
It is often possible to carry on your car payments. You would have to factor for it in your income and expenditure.
Once the car is fully paid you could then pay also into your IVA the ammount you were paying for your car.
mrs skint
Posted: Sat Feb 09, 2008 11:15 pm
by MelanieGiles
You will only be able to carry on paying the car repayments if the funding was provided by way of a hire purchase agreement and not a normal unsecured loan. If it was provided by way of an unsecured loan, then this would need to be included in an IVA, but would not affect your proprietory rights over the vehicle.
The reason that it is not guaranteed that you can enter into an IVA is that it is down to the choice of your creditors who cast their votes at a creditors meeting.
Posted: Sun Feb 10, 2008 5:24 pm
by johnt
the outstanding value (present commercial value) of the car often has some bearing also.
I believe if it's worth more than £5000.00 then you may be expected to sell it to help pay the remainder of the loan. This was true for me.
I'm now car free, which I'm getting rather used to, and to be honest finding a good thing. I spend far less every month, there's no hidden surprises, and I've lost nearly a stone in weight! Although I realise this may not be practical for everyone
