Car on finance

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Post by beejay » Sat Aug 31, 2019 4:16 pm
I have an HP agreement with Barclays, has anyone had their car taken back when entering into an Iva? Car cost £9500 with finance approx £13000


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Post by kallis3 » Sat Aug 31, 2019 4:49 pm
No idea - each company is different.
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Post by Foggy » Sat Aug 31, 2019 5:15 pm
As Kallis says, every financew house works differently, but I would think that the majority seem to accept / ignore the IVA as long as they keep getting their payments. The problems arise when and if you have a balloon payment / purchase option to make at the end.
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IVA Completed 23rd July 2013 .... C.C. 10th January 2014

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Post by Lisa Thomas » Mon Sep 02, 2019 9:08 am
The first hurdle is for creditors to accept the level of payments you are making as a reasonable expenditure, or not, when calculating the surplus funds you might have available for IVA contributions.

Even if creditors accept the payments the second hurdle is whether or not the HP Company will allow you to keep the car.

It will depend on many things, including their policy.

Suggest you have an anonymous chat with them about it.
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