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 Would we lose our car ?
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Starting Member

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Posted - 27 June 2014 :  19:02:48  Show Profile  Visit Paul.53's Homepage  Reply with Quote
my wife and I are in an interlocking iva and have a vehicle on a joint hp agreement.If I went bankrupt would we lose the car or would the OR allow us to keep it so long as payments were maintained. Thank you


United Kingdom
4590 Posts

Posted - 27 June 2014 :  19:10:22  Show Profile  Reply with Quote
Hi and welcome,

It would be down to the value of the car and also whether or not the HP company would let you keep the payments.

It may well be that you are not allowed to keep the car. Is there a reason why you are having problems with your IVA?

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant

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forum expert

United Kingdom
2211 Posts

Posted - 27 June 2014 :  19:40:47  Show Profile  Reply with Quote
Hi Paul,

It can be quite usual that the HP company will want to terminate the agreement once you're bankrupt and repossess the car.

Have you spoken to your IP regarding the problems you're having with your IVA?

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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