I’m still exploring going down the IVA route and wondering if hire purchase agreements with Motonovo allow people to keep there car (subject to creditors approval), I’m only 20 months into a 60 month agreement, value outstanding on finance is approx £8800 and car value is approx £6000. Or are they more likely to demand the car back?
Did anyone on here manage to keep there car finance with Motonovo during IVA or was the vehicle repossessed?
Most car finance companies have insolvency clauses in their terms, but not all enact them providing the loan is being serviced correctly. Unfortunately they do not, however, seem to take a consistant approach, making it impossible to predict.
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