Car as an asset

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tjipj

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Post by tjipj » Mon Dec 20, 2010 6:42 pm
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We are entering an IVA and have a car each, valued at £5,000 each. Our IVA paperwork stated that we do not wish to include these in our IVA as we need them to commute to work.
Can our creditors make us sell them?

Many thanks for any answers.
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Shining

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Post by Shining » Mon Dec 20, 2010 7:07 pm
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Hi tjipj and welcome to the forum, I personally think it's important to have a reliable car for the duration of the IVA as there may be less maintenance costs etc.,

I'm not sure of an IP's view but will keep this bumped up for a better positioned person to comment on. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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kallis3

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Post by kallis3 » Mon Dec 20, 2010 10:33 pm
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I think you may be ok. We had a car valued at £8k and were allowed to keep it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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MelanieGiles

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Post by MelanieGiles » Mon Dec 20, 2010 11:11 pm
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The answer to your question is yes - but you also have to agree to the sale for that to be made binding. I don't feel that your cars are of excessive value, and you should be fine on the day.
Regards, Melanie Giles, Insolvency Practitioner
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