question category: IVA

IVA and Cars
Submitted on: 8th Jul 2009 by Non-Member | Total Answers: 1

If I do an IVA in the coming months, am I likely to be able to keep my car which is probably worth 8,000? I need it for a new job I am starting soon.

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Re: IVA and Cars

You are allowed to keep a car in an IVA but it really depends on the value of the car and the amount of the debt (whether it will make a difference to the return for creditors.)

Different IPs will have different opinions and different methods. If the car has been modified for your use then there shouldn't be a problem - wheelchair users for example.

If you have an expensive car you might be asked to sell it during the arrangement and buy a car worth £2-3000 then pay the balance into the arrangement,

Second hand cars are not worth much now. Check if your car is really worth more than that on website like www.parkers.co.uk which is the sort of thing a good IP would do..

If you have any questions about IVAs by all means click on my name and email me at Debt Advice Foundation.

Submitted on: 9th Jul 2009 by Darren Member

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