Would I lose my car?

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vl.s

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Post by vl.s » Wed Jul 04, 2007 10:26 am
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I have debts over £20.000. I am currently in a debt management arrangement but the payments keep increasing. I am looking at an IVA but I have a car on finance. Would I lose my car?
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MelanieGiles

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Post by MelanieGiles » Wed Jul 04, 2007 11:08 am
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Hi vl.s and welcome to the forum

You would not lose your car (so long as it is not of excessive value), and assuming that it is subject to a hire purchase agreement you will need to continue to maintain those payments as a hire-purchase creditor has secured status. Do check your finance agreement to ensure it is a hire-purchase agreement. Sometimes car dealers offer unsecured loans as an alternative - and if this is the case, you need not continue the payments.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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iva experts

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Post by iva experts » Wed Jul 04, 2007 11:16 am
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Just to echo what Melanie has already said, it is very important to check your finance agreement as if this is a unsecured loan it would need to go into the IVA and the monthly payment added to your disposable income amount.

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