Keeping a car whilst in an IVA

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by tony741 » Wed Jan 16, 2019 4:19 pm
My car was in my Iva, and now isn't, Santander have taken my car today from my home. I have been mislead on this. I was advised not to go bankrupt as I would lose the car. So I've asked my Iva company are you taking £12,000 off my monthly payment they have said not. I am very upset
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by Foggy » Wed Jan 16, 2019 4:46 pm
The car finance would not (SHOULD not) have been included in the IVA if it was secured on the vehicle. There should have been an allowance made in your expenses to cover the repayments. However, most car finance agreements have an insolvency clause, allowing repossession although many firms do not activate it and allow payments to continue.
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by Vince_100 » Wed Jan 16, 2019 4:59 pm
As Foggy said. Car finance should of been included within your I/E when proposed . And if Hp concludes during the IVA that extra money will then be added to your monthly contributions.
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Lisa Thomas
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by Lisa Thomas » Thu Jan 17, 2019 12:19 pm
If the car is sold then the HP liability will reduce/be wiped out so your creditors will reduce by the net value of the car.
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