if you enter an iva

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Post by s_cs » Fri Jul 30, 2010 3:38 pm
if you enter an iva and owe e.g. 16k - including car finance. could you keep your car in an iva or does this go back. if you keep your car does this finance payment get included in e.g. IVA payment of 220 or do you pay iva payment plus ur finance car payment.

sorry if this seems like a daft question

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Post by stormsylv » Fri Jul 30, 2010 3:50 pm
Hi, Im no expert but i am pretty sure that you would keep your car and then when the car finance is completed this extra money would then be added to the remainder of your IVA.
Im sure someone who is more sure will be along to answer soon.

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Post by Darkdog » Fri Jul 30, 2010 9:27 pm
I think it depends on how the vehical finance is secured, is the loan on HP or personal finance?, Black horse for example don't always do HP but rather a loan via a dealer. If a loan then it will be deemed unsecured and included in the IVA, if on HP then the payment will be part of your I&E and hence your IVA payments set accordingly, then as stormsylv says when the HP complete the IVA payments rise by that amount. so either way you should keep the vehical unless such a high value as to be deemed an equity asset, check your agreement to see how the finance was arranged. I am not an expert but thats how I understand it
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