Worried about losing my Car

[Sam5426]

Hi Guys,

I am in the process of starting an IVA my proposals have been sent in the post just need to check and sign then my creditors meeting will take place (so i am told) am really worried as i have been reading some stories on here and online regarding Blackhorse Finance who i currently have my car finance with. I dont owe Lloydstsb or Blackhorse any money as part of my IVA agreement i only have my HP on my car with Blackhorse that is included however, there is a clause in the agreement that they can repossess the car if you enter an IVA - i am worried as i need my car for work and would lose my job without it?

I am really worried, any help you could provide would be great.

I would also like to ask if your HP Company is notified of your IVA even though they arent included as a creditor?

Thanks

Sam

[ginger3232]

Hi Sam - welcome to the forum.

Normallly what will happen is you will be allocated money to pay the car finance (HP payment) - and as long as this money is paid across they wont be able to repossess the car. After the the car finance is finished normally will be expected to pay the additional income into the pot

Yes all companies are notified including any secure lenders (mortgage etc )

[Broke of London]

Just draw your IP's attention to that particular clause in the paperwork and take their advice. It would be normal for you to be able to keep the car as long as you keep up repayments.