can i still keep my car

[lgo]

can you tell me what happends if do an IVA can i still keep my car. Is it like going bankrupt do you still have a bank account.. Sorry i dont know what happends.

[plasticdaft]

As long as the car isnt too valuable. You may even be able to carry on making payments towards it if its still got money outstanding on it.(depends on the wording of your car loan/hp)

[aguise]

Hi Igo amd welcome to the forum.
As said as long as it isnt too valuable, your car would not be affected even if it is then you would only be asked to downsize.
You can still keep your bank account but if they are a creditor then it will need to be chsnged to a bank that has no connection to your debt. This is purely for your own protection from having wages taken towards debts and saving probs. It needs to be a basic account with no credit attache like overdrafts. There are sevral like the coop cashminder and natwest step accounts, and they come with visa electron and natwest solo card. If your bank is not a creditor then there is no reasn to change, just remove the overdrafts and any credit facilities. When you speak to an Ip or company they will advise you on all of this as well.

All the best.

Ang

[MelanieGiles]

An IVA is very different to bankruptcy, where you retain control of running your own affairs such as running a bank account - with a non-creditor bank as Ang has mentioned.

A reliable car is essential for transport to and from work, and so long as you have one of modest value creditors are unlikely to want any contributions from that.