I had an IVA agreed in October 2019 by Credit fix. I was allowed to keep my car on finance from PCF BANK. Credit fix rang me on Friday to say PCF BANK have requested to be added to the IVA (even though i am not behind on payments) they gave them a figure but I am wondering as they have not been in touch with me, if I was to agree to this would they take my car?
I have no idea on this - hopefully someone else who has been in this position can help.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I can't imagine why they would request to be joined in the IVA and I am afraid I do not know the ramifications. I imagine the loan was originally excluded being secured on the car. My understanding ( and I could well be wrong) is that, to now have the loan included in the IVA, the finance company would have to release the security on the car which would make their ability to repossess cease, as the loan would no longer have any connection to the car.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
