Car Finance

Get expert opinion. This is the place for new questions to be posted.
7 posts Page 1 of 1

JoshuaLouie20

Posts: 3
Joined: Sun May 15, 2022 3:51 pm

Post by JoshuaLouie20 » Sun May 15, 2022 3:57 pm
Hi

I have had car finance agreed and am waiting to pick up my car in 6 weeks. I have now decided to start the process of an IVA for my credit cards. My IP has told me that doing this will not affect my car finance. Is that correct that I will still be able to go ahead with the car finance.

Thanks

Foggy

User avatar
Posts: 33399
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sun May 15, 2022 4:51 pm
It might well be that your IP isn't worried, from the point of view of the IVA, but he cannot speak for the finance company funding the purchase! I assume that the IP is happy about including the car payment in your essential outgoings, so it will be allowed for in your income and expenditure calculations. The loan itself, being secured on the vehicle, will not fall under the terms of the IVA.

However, the big bug in the ointment here, is the attitude of the finance company. Many have insolvency clauses in their agreements, although not all of those who do actually decide to operate them. Only your finance company will be able to say --- but be prepared for the car to go ( or not actually get delivered ).

I would be worried that the IP feels he can speak for something outside of his control and seems unaware. or unworried, of the ramifications. Might I ask which firm you have been speaking with.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

JoshuaLouie20

Posts: 3
Joined: Sun May 15, 2022 3:51 pm

Post by JoshuaLouie20 » Sun May 22, 2022 12:55 pm
Hi

I applied for it with quality insolvency services but have now withdrawn from it as I was in my 14 day cooling off period. I just got the sense the weren’t the right people to do it with.

WallE

User avatar
Posts: 125
Joined: Sat Oct 26, 2019 11:08 pm

Post by WallE » Tue May 31, 2022 10:08 pm
I would be cautious, as many creditors will see it as recent use of credit and reject your IVA on that basis, despite the secured debt not actually being bound by the IVA.
Hi! I used to work for one of the UK's biggest Insolvency Practitioners - I don't work for an IP anymore but still have an extensive knowledge of the IVA industry. How can I help?

JoshuaLouie20

Posts: 3
Joined: Sun May 15, 2022 3:51 pm

Post by JoshuaLouie20 » Sun Jun 05, 2022 3:33 pm
I have decided to withdraw my Iva as it wasn’t the right thing. I’m all clear and just happy to be able to just continue as normal. IVA was totally wrong idea for me.

Thanks for your help.

Foggy

User avatar
Posts: 33399
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sun Jun 05, 2022 3:51 pm
Good luck going forward Joshua.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

kallis3

User avatar
Forum Expert
Posts: 77066
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sun Jun 05, 2022 6:32 pm
Agree and good luck - hope the new car is a good one!
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
7 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”