I am still worried

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Hammie1

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Post by Hammie1 » Fri Jul 16, 2010 5:40 pm
Hi

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.
 
 

kallis3

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Post by kallis3 » Fri Jul 16, 2010 6:21 pm
Hi Sam,

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
 
 

MrsKnight

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Post by MrsKnight » Fri Jul 16, 2010 6:22 pm
Hi Sam,

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

Lyns x
 
 

plasticdaft

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Post by plasticdaft » Fri Jul 16, 2010 6:43 pm
Can you argue your case to keep both cars??

Paul

You can get a road tax refund if you do tax it and then have to give it up.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

RHB

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Post by RHB » Fri Jul 16, 2010 6:45 pm
If you do tax it & it is taken away you can get a refund on your tax disc for each full month you have left.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 18, 2010 1:34 am
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.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Shining

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Post by Shining » Sun Jul 18, 2010 8:23 am
I hope it works out positively for you, give them the reasons and do let us know won't you? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Sun Jul 18, 2010 8:29 am
Good luck Sam, I hope you do get to keep them.
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
 
 

Hammie1

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Post by Hammie1 » Sun Jul 18, 2010 10:33 am
Hi all

Many thanks for your kind advice. Feeling a little better now!!!.

I will definatley keep you posted. Keep your fingers crossed for us.


Sam x
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
Thanks to everyone for your support. Could'nt have done it without you.
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