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
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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.
