would i loose my car if i entered into an IVA

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david.d

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Post by david.d » Sat May 10, 2008 2:28 pm
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I have debts totalling 20k,i have recently lost my job and am looking for work.I am paying my debts and rent at the moment from savings which wont last long!(approx 4k),part of my debt is for my car finance approx 3k,would i loose my car if i entered into an IVA
thanks for your help
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MelanieGiles

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Post by MelanieGiles » Sat May 10, 2008 2:30 pm
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Not as long as you could afford to pay the HP payments as well as a reasonable IVA contribution, and if the HP agreement concludes during the five year period creditors will expect you to increase your payments into the IVA in direct proportion.
Regards, Melanie Giles, Insolvency Practitioner
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