Can i keep my car which is on car finance?

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rafal
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by rafal » Mon Jun 12, 2017 9:02 am
hi can i apply for IVA if i've got allready started case in citizen advice? and second question if i've got car on car finance can i keep my car or i lost them?
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kallis3
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by kallis3 » Mon Jun 12, 2017 9:16 am
Hi,

I would speak to several companies before making a decision - as regards the car it will depend on what sort of finance you have as some companies don't like IVA's and may well terminate your contract.
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Michael Peoples
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by Michael Peoples » Mon Jun 12, 2017 9:21 am
The CAB cannot do IVAs and will only refer you on to an IP firm anyway. If an IVA is the way forward you should approach the firms yourself and go with however you trust.

Your vehicle is usually safe but within reason. If the agreement is very expensive then creditors may ask you to downsize or extend the IVA for twelve months.
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Foggy
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by Foggy » Mon Jun 12, 2017 10:10 am
CAB can advise you on IVAs in general, but I would be wary of going with any firm they point you in the direction of --- it is always best to speak to several firms of your choice, as mentioned above.
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Lisa Thomas
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by Lisa Thomas » Mon Jun 12, 2017 10:12 am
The creditors can reject the level of payments as part of the review of your I&E when calculating any contributions and the Finance Company can also reject continuation and repossess the car.

You could have an anonymous conversation with the finance Company to see what their policy is in this situation.

Ultimately you may not get a definitive answer until the IVA proposals are put forward and/or put in place.
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