Car finance

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joanne374

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Post by joanne374 » Thu Oct 10, 2019 6:36 pm
I have a car finance with Specialist motor finance specialist if I was to take an iva where would I stand with keeping my car?

Foggy

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Post by Foggy » Thu Oct 10, 2019 6:43 pm
It depends on the terms of your finance agreement. Many car finance firms have an insolvency clause in their contracts, but not all of them act on them as long as payments are kept up. Your creditors would also need to be satisfied that the car finance is reasonable before allowing the expense of the repayments.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Lisa Thomas

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Post by Lisa Thomas » Fri Oct 11, 2019 8:31 am
Have an anonymous call with them about their policy.

As Foggy says you have two hurdles to get over - firstly that creditors accept the expense as reasonable when looking at your disposable income to assess the level of any contributions you make and and then secondly whether the HP Company will allow you to keep it.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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