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IVA information needed.
rlj86
Posts: 38 Forumite
If I were to take out an IVA, could I still keep my vehicle that I have on finance? My brother in law took out an IVA last year but was told he had to give the car back, is this true?
Regards,
Ricky
Regards,
Ricky
0
Comments
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??????????0
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anyone help?0
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Each IVA would be different , we were allowed to keep our car as it was on H.P. so was a secured debt and we were able to justify why we needed car. If we had decided to "give" our car back to HP company we would have been eligable to have paid the value of the H.P. payments to the IVA.
As far as I know this is something that you would need to speak to whoever was arranging IVA ( if you decide to do it ) but do not think there is a hard and fast rule on it. If you have a very expensive car with very high H.P. payments the creditors may object to you keeping this.TOTAL 44 weeks lose. 6st 9.5lb :T0 -
I have an '03 Zafira GSI on HP which is worth roughly £7000 and costs me £380 a month.0
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That does seem expensive and would probably be consider an asset, (from my experience so far anyway!) You should call CCCS, they've been great so far for us.Life is like a camera... Focus on what's important, Capture the good times, Develop from the negatives, and if things don't work out Take another shot.0
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the repayments are high because of my current state of credit file but I needed a car of that size for my kids, which to be honest still isnt big enough but you don't get many 8 seater people carriers these days. so you reckon i would lose the car?0
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