will lose items on credit if I apply for an IVA ?

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alison.g

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Post by alison.g » Thu Jun 12, 2008 9:34 pm
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I have a car, sofa & TV on credit agreements. If i apply for an IVA will i have to send these items back to my creditors as i really need my car for work?
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TheMatrix

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Post by TheMatrix » Thu Jun 12, 2008 9:37 pm
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Short answer is no.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
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MelanieGiles

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Post by MelanieGiles » Thu Jun 12, 2008 9:38 pm
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Hi alison and welcome to the forum

Your sofa and TV are likely to be safe. With regard to the car it is usually permitted for you to continue to make the HP payments as an expense of the arrangement - so long as they are not excessive.
Regards, Melanie Giles, Insolvency Practitioner
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