PCP and a possible IVA

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1

matthew988

User avatar
Posts: 1
Joined: Sun Sep 27, 2020 6:00 pm

Post by matthew988 » Sun Sep 27, 2020 6:00 pm
I have PCP with Nissan for my car. Will I Be able to keep this and carry on paying the monthly payment if I enter into an IVA?

kallis3

User avatar
Forum Expert
Posts: 76005
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sun Sep 27, 2020 6:22 pm
Possibly but it is something to sort out with an IP. s regards Nissan, I don't know what their stance is regards an IVA. See if there is a clause in your paperwork about this.
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

Foggy

User avatar
Forum Expert
Posts: 31371
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sun Sep 27, 2020 7:10 pm
Most finance firms have insolvency clauses in their terms, but not all actually act on it. Only Nissan can tell you which way they will jump. From the IVA point of view, as long as the car is reasonable for your needs, creditors generally agree to allow the PCP payment as an agreed expense. Your IVA payment will increase by that amount when the PCP term expires. You will, in all likelyhood, have to give the car back at that point as many PCP finance houses will not allow you to finance the balloon payment or take out a new plan -- that said some 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
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”