Will an IVA prevent car repossession?

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stevie774

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Post by stevie774 » Tue Oct 06, 2020 2:08 pm
Hello please can someone offer me adivise!

My husband is in £24,000 woth of debt and his car is going to be repocessed on saturday if he does not pay £1,200 which is a pocentage of his arrears.

He spoke to money solutions group on monday and they have adiced him to set up an iva to stop all debtors but will also put on hold our car beinf repocessed for uo gto 90 days .

please can you let me know if this is correct as i thought it would not not the car being taken.

Foggy

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Post by Foggy » Tue Oct 06, 2020 2:44 pm
The loan on the car is secured on the vehicle and, as such, would not be protected by an IVA --- in any event, under most financers Ts&Cs and IVA would trigger the insolvency clauses allowing repossession anyway.

I would suggest speaking to a couple of other firms to compare advice.
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

abbiesmum2003

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Post by abbiesmum2003 » Tue Oct 06, 2020 10:34 pm
It takes considerable time and patience to produce the figures for an IVA not to mention the setup of a new ‘noncreditor’ bank account.
I would be wary of a. omoany suggesting a big financial commitment withe such small time scales especially as they know how desperate you are forma solution-its a 5-6 year comitment that once you have is not easy to end.
I am sorry the car is at risk. Perhaps an IVA would be helpful ti get debt under control but rushing to get it setup in a few days is not ideal.
Best of luck. Let us know how it goes

kallis3

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Post by kallis3 » Wed Oct 07, 2020 7:19 am
I'd also be very surprised if they managed to put a stop on the repossession.
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.
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