I am currently looking at entering an IVA through step change as our circumstances are due to change (out of our control) I currently have a car on finance and would really need to keep it. From what I understand you don't have to give up a car if its not overly expensive (I have been advised I should be fine) can the motor finance company repossess the car even if all payments are up to date and I have never defaulted?
It will all depend on your finance company for the car - some are ok and some are not. I would speak to a few companies before making a decision.
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
Most, if not all, finance companies have insolvency clauses in their terms, allowing repossession if the debtor becomes insolvent. Many firms do not action such clauses as long as the payments are made when due, but you will have to check with your own lender to see what they might do.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk