car in an IVA

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Croydon lady

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Post by Croydon lady » Tue Oct 08, 2013 6:41 pm
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Hi,
This is for a friend who is thinking of an IVA. What is the max value of a car, (which is not on finance) that somebody can keep, her car is valued at about £5,500

thanks
Last edited by Croydon lady on Tue Oct 08, 2013 6:42 pm, edited 1 time in total.
last payment made August 2013,Completion Certificate received 12 November 2014
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winter_blues

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Post by winter_blues » Tue Oct 08, 2013 7:21 pm
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That should be fine - my car was worth £6500 when I entered my IVA. Remember, it's got to last you the term of 5-6 years ideally. So it pays to have something half decent and reliable.
Winter-Blues
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kazzafunk

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Post by kazzafunk » Tue Oct 08, 2013 8:48 pm
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Hi Croydon lady - as Winter Blues has stated it should be fine. It is a problem in bankruptcy but in an IVA, if you need a car then you are likely to be allowed to keep a car of your value.
If you don't need a car for work or school runs etc and your % of repayment is very low then I suppose creditors could ask for it to be sold. But I haven't seen this happen on the forum before.
Kazza

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http://kazzafunk.blogs.iva.co.uk/

IVA completed 21/03/2012
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luluj

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Post by luluj » Sat Oct 12, 2013 5:35 am
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As others have said you should be ok.,we had two cars of that value when we entered our IVA and had to sell one to release half the money, using the other half to buy a cheaper car ...we were lucky and a deal with family that provided us with a car that sure through the duration of our iva.
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