I was wondering if anyone knows how Motonovo car finance treat IVA'S. Do they make you return the car. Also I took out the finance for my daughter as she couldn't get finance and the car is in her name. How does this affect things. She is not paying me the money for the repayments as she now has no income.
Your name is on the finance and the car will be deemed owned by you --- the name on the registration document is merely that of the keeper not owner. Their insolvency clause will be in the agreement paperwork. However many car financiers do not act on the clause in the knowledge that the repayment is ring fenced in your allowances and will be made.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/