Car finance question

[naz246]

i have a car on finance through oodle car finance, i am wondering if i enter an IVA whether oodle will try and take my car back off me.

[Foggy]

The car loan, being secured on the vehicle will not be in the IVA and you will continue to make payments as normal ( this will be part of your agreed allowances, as long as your creditors agree that the vehicle is acceptable). However, most lenders do have insolvency clauses allowing for repossesion in the event of insolvency ---- you will have to look through your terms & conditions from the lender for this.
Many firms, even with such a clause, do not concern themselves as long as the payments are continued and only your lender will be able to say which way they are likely to jump.

[luluj]

You will need to read the small print in your policy document as there is sometimes a clause written in.

Hopefully as the vehicle payment will be budgeted for each month you will be ok to continue.