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beejay

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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

kallis3

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Post by kallis3 » Sat Aug 31, 2019 4:49 pm
No idea - each company is different.
Sharing from experiences of dealing with debt
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Foggy

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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.
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 » 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.
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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