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T O P I C R E V I E W
tracey.27
Posted - 11 August 2010 : 10:28:24 In IVA but letting it fail, gonna go br when have got the court fees, have a vw golf on hp which ran out in July im behind with the payments and have written to vw to explain this and also that I intend to go br. Next thing they have passed the whole debt to a debt collection agency who visited last week tryin to get me to volunatarily sign car away. I refused as Ive paid over one third, have paid ten thousand pounds and theres eight thousand owing, the iva had stated that I should be able to continue paying the monthly £240 until the balance paid off, however due to me behind in arrears and cancelling the iva, how do I stand now. I work 44 hours per week in the middle of the countryside, I have to get my kids to school for 08.10 for me to start work at 08.30. I understand they have to go to court but should I wait to hear from them or make a token offer of monthly payments. Thanks
2 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 11 August 2010 : 23:31:08 can you double check what type of finance agreement you have. just incase it is a fixed sum loan agreement rather that an HO agreement.
Almost certainly the car will go in bankruptcy because either the OR will not wish you to continue the HP repayments or more likely the HP company will cancel the contract and collect the car.
i would recommend holding out for as long as possible and not making payments while you get some funds together for an alternative car. It can always be upgraded over time
Posted - 11 August 2010 : 18:25:16 There isn't any point in making token payments as you will need to be able to make the full repayments in order to keep the car. If you want the current amount you owe to the hp company to be included in the BR then you will need to give up the car.
Now that the debt has been handed off to a collection agency I am not 100% sure that you will be allowed to keep it but someone else on the board may know whether this is the case or not.
