I have posted on here before regarding our cars, but I am still worried.!!![:(!]
Please help!!
We have two vehicles, 1 our main family car which is a Toyota Verso people carrier, worth about £12k. The other is a Toyota Corolla, worth about £6k. They are both financed through Toyota Finance, under HP agreements. I have been told that the Corolla is safe as creditors would not be interested in that one, although the Verso could be a risk because of it's value. At the begining of our process I presented a letter in our favour explaing the reasons why we need to keep the Verso, because of 2 children, dog, and travelling to Kent to visit family. I am told that we should be allowed to keep it, but no definate decision has been made at the moment. We have owned the Verso for 1 and a half years over a 5 year HP agreement. The thing is we have just re insured it for a year, paying monthly Direct Debit, and at the end of July I need to Tax it for 6 months, costing just under £100. It is unlikely that our creditors meeting will be held by the end off this month, and if the car is going to be taken away we are reluctant to tax it.
Realistically does anyone think that it will be taken. Actually I should not be using the word "taken", the wording I am being given is that the car would need to be "downgraded". We could go back to Toyota and do this. Surely this would not work as we owe on HP??.
Sorry for the long post - but really need to get me head around this and keep the car safe!! I know this sounds a bit sad as it's only a car, but it is reliable and don't want to be put in a position where we are paying out repair bills every month on something older.
Thanks everyone.
Sam
F&F accepted 12/8/13 - Awaiting Completion Certificate
Thanks to everyone for your support. Could'nt have done it without you.
Just bumping this back up for one of the experts to help. I've no idea if they will let you keep both cars I'm afraid.
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
The setting up of an IVA process is a stressful one and they are all individual cases.
We thought our car would be taken but the IVA company did a search on how much its was worth (1500) so it was not taken into consideration.
With the way things are at the moment with car values - just a thought, but have you run a search on how much its worth now after mileage n the age of the car now?
I cant comment on if it will or wont on the creditors front but others will be along to give sound advice Im sure.
Hang on in there hun.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
It seems like you have good reasons to need to keep these cars, so do make sure that your IP is prepared to fight your corner for you in the event of any objections from creditors.
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
