Get expert opinion. This is the place for new questions to be posted.
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laura.ce
- Posts: 1
- Joined: Sun Aug 22, 2010 3:54 pm
Hi, I am about to enter into an IVA. I currently have a car on a 3 year HP which is due to finish in August next year. The car has a guaranteed value at the end of the HP and I either trade it in or walk away with nothing. But I need a car for work. How will the IVA affect this?
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Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
You really need to address this before starting your IVA.
You have a few options
1. Your credit provider refinances the balloon payment after next year
2. A family or friend finances the car and you make payments to them
3. You take out a fresh HP agreement
You need to talk this through with your IP
Regards
Andam Davies
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plasticdaft
Forum Expert
- Posts: 9562
- Joined: Wed May 21, 2008 12:45 pm
- Location: United Kingdom
Point 1 from Andy isnt always possible,so I'd be tempted to try and secure a new deal now,although your IVA could run for 5 or 6 years so unless you can get an agreement to cover the whole period this problem may arise again. Others have secured a refinance with existing lenders but it isnt always going to be approved so having a back up plan is adviseable.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
