I am financing my vehicle; will it get Repossessed if I file an IVA?

In most cases, creditors will allow you to maintain your car if it is seen as being essential. A good example of this is if you actively utilize your car as a means to get you to and from an active place of employment.

Creditors realise that it would behoove them to not take your vehicle, because it would inadvertently cause you to lose your source of income. And, you would not be able to repay them back as quickly as you would if you were employed.

Just Debts will send out a provision for your car that will allow you to continue paying monthly installments on your vehicle until it is paid off. As long as you keep up with the monthly arrangement that you have with your finance company to repay the debt on the vehicle, filing for an IVA should not have anything to do with your car.

However, if your vehicle is one of the factors that have put you into your financial hardship it may behoove you to give it up voluntarily. There are many people who would rather give their vehicle back, then to risk having it Repossessed.

As long as you bring your remaining balance up to half of the price that you owe on the vehicle, many lenders will take the car back with no problems. However, you may want to discuss brining the vehicle back with the lender that you purchased the car from as a means to find out their specific guidelines.

In most cases, a car company will not repossess your vehicle because of an IVA. As long as you adhere to the monthly arrangements that you have set with the company, they have no liable grounds to take your vehicle.