Articles => Hire Purchase Agreements (HP)
Will your HP agreement be affected if you enter into an IVA?
Published on Tuesday, 1st of March 2011 by Craig Cummins. This article has previously been viewed 273 times and was last read on Saturday, 19th of May 2012 at 08:56:54.
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 saloon/hatchback to enable you to commute to and from work, then the creditors wouldn't, in all likelihood, have an issue with this. However, if your HP agreement was for £40,000 as this has enabled you to buy your dream car which is a Ferrari 320 GTO quattro-turbed cabriolet, then the creditors would probably refuse the IVA until you had sold the car.
