Whether or not your HP agreement will be affected if you enter into an IVA will depend largely on the amount og the HP and what kind of asset you've purchased with the agreement. For example, if your HP agreement is for £5,000 over 3 years and this has enabled you to purchase a 2nd hand family...

One of the major cons of HP agreements are that they are, fundamentally, a credit agreement and, as such, you will have to pay a not insignificant amount in interest for the benefit of having the agreement.

HP, or Hire Purchase agreements are basically credit agreements enabling someone to borrow a sizeable amount of money to allow them to make a large purchase. Typically this would be used for the purchase of a car.

Most HP agreements are repayable by a fixed monthly amount over a 3 year period. The...