would we be able to keep our cars

[chris.n]

HI WE ARE LOOKING AT IVAS BUT WE ARE WONDERING ABOUT OUR CARS WHICH WE HAVE ON FINANCE, WOULD WE BE ABLE TO KEEP THEM OR WOULD WE LOSE THEM... THANK YOU IN ADVANCE

[Storm]

If they are on HP Finance then these are outside of an IVA.

[MelanieGiles]

Hi Chris

Cars on finance are generally allowed to be retained, so long as they are not overly expensive in terms of value or the level of monthly repayments.

Do you need to retain both cars?

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

[Adam Davies]

Hi
Firstly find out if the car finance is on a Hire Purchase agreement or are actually personal loans.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

[jamesfalla]

Hi Chris

Most car HP agreements could be kept in an IVA. The test is whether your proposed monthly IVA payment is more than the car HP payment. If your poposed IVA payment is much less than the HP, your creditors may have a problem with it.

As Andy says, it is very important to be absolutely clear whether your car finance is a true HP or simply a presonal loan to buy a car. If you are in doubt, call the finance company and ask.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk