Could my car be repossessed?

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Joshwah

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Post by Joshwah » Sat Feb 20, 2021 3:47 pm
Hi, got a car on HP, had it for a year with 4 to go, with a 1,900 shortfall...recently applied for a IVA and the car payments are included in the payments of the budget, but read some worrying things online about VWFS and repossesing cars when people enter an IVA, just wondered where i stand as im really worried about entering into a IVA if i lose my car as i need it for work etc , but then again i cant leave my debt and keep the car, feels like im stuck between a rock and a hard place if they reposses the car

Foggy

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Post by Foggy » Sat Feb 20, 2021 4:25 pm
VW's powers of repossession will be detailed in the agreement you have with them. Even if they have the right to repossess, on paper, they might not actually enforce those rights. I would suggest a call to VW (maybe anonymous) to ask them what their policy is.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

lauren923

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Post by lauren923 » Sat Feb 20, 2021 4:56 pm
I have a car on finance with Nissan , it states in my contract that I need to inform them if I enter an iva or bankruptcy , I never contacted them as I didn’t realise until 6 months into my iva and the lease is up in October this year , Nissan have tried to get me to finance another car but I failed the credit checks due to the iva which I did tell them about but they still continued to try multiple finance companies to get me a new car , , but they have never asked any questions , , Iv just carried on paying my usual monthly payments, unless your car finance check the insolvency register which I can’t imagine they would unless you missed a payment then I think you should be okay . But that’s just my experience :) or maybe if you are worried and they wanted to repossess you could offer a guarantor ?

Joshwah

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Joined: Sat Feb 20, 2021 3:04 pm

Post by Joshwah » Sat Feb 20, 2021 5:09 pm
Sat Feb 20, 2021 4:25 pmFoggy wrote:
VW's powers of repossession will be detailed in the agreement you have with them. Even if they have the right to repossess, on paper, they might not actually enforce those rights. I would suggest a call to VW (maybe anonymous) to ask them what their policy is.
Hi, sorry just seen its a PCP and not a HP, would that make any difference at all? And ill have a look through my agreement later! Thankyou for taking the time to reply!

Foggy

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Post by Foggy » Sat Feb 20, 2021 5:40 pm
Sat Feb 20, 2021 5:09 pmJoshwah wrote:
Sat Feb 20, 2021 4:25 pmFoggy wrote:
VW's powers of repossession will be detailed in the agreement you have with them. Even if they have the right to repossess, on paper, they might not actually enforce those rights. I would suggest a call to VW (maybe anonymous) to ask them what their policy is.
Hi, sorry just seen its a PCP and not a HP, would that make any difference at all? And ill have a look through my agreement later! Thankyou for taking the time to reply!
A PCP would probably be treated much the same way as HP. I have seen a few PCPs allowed to carry on and even one that was re-financed at the end of the term. Unfortunately not many come back to us with outcomes, so we have little actual (even anecdotal) evidence either way.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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