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My car is worth around 6k, will I be forced to sell and get cheaper if I do an iva

8 years ago - Posted by

I am concidering a lump sum IVA with my redundancy money as I think I can rack up around 33% of my total debt. I know that I need to make my income and expenditure match to use my redundancy but I am worry they will make me sell my 6k car. we down sized 2 petrol cars to one diesel and one motorbike a couple of years ago to ensure our outgoings were reduced. My car was chosed because I have 3 babies and needed one that fits 3 car seats. I am worried about them telling me to downsize (which will make my outgoings go up) preventing me from being able to apply for an IVA.

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