Will my car on finance be affected if I get an IVA for my other debts?

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danny502
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by danny502 » Sun Sep 30, 2018 6:37 pm
I have HP finance with Santander. will it be affected if I get IVA with my other creditors?
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Foggy
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by Foggy » Sun Sep 30, 2018 7:49 pm
danny502 wrote:
I have HP finance with Santander. will it be affected if I get IVA with my other creditors?


It depends on Santanders attitude to the IVA. Most HP finance agreements have an insolvency clause but many lenders do not operate it as long as payments are made, you will need to ask them. Assuming that they are OK with it then the HP payments will form part of your agreed allowances so you can keep up the payments.
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Lisa Thomas
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by Lisa Thomas » Mon Oct 01, 2018 8:53 am
First the creditors have to accept the payments as a reasonable expense when considering your offer of income contributions (assuming that applies to you)

Then, even if agreed it will be up to the HP Company whether or not to allow you to continue making the payments and keep the car.

You could have an anonymous telcon with the HP Co. to find out what their policy is on IVAs.
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