Creditors may wish to see the vehicle sold and a cheaper replacement found, but this is actually quite rare because the car has to last for the five years of the IVA.
How much is your car worth, and is it subject to HP? If so, how much are the monthly payments?
Me and hubby have an IVA which has been running almost 12 months. We have a car which was just over 2 years old at the time we started and was worth about £8000.
We kept the car, and it was never mentioned at all.
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
Depends on the mood of the readers of the IVA Proposal acting for creditors - in other words - pot luck
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
MelanieGiles wrote:
Hi there and welcome to the forum
Creditors may wish to see the vehicle sold and a cheaper replacement found, but this is actually quite rare because the car has to last for the five years of the IVA.
How much is your car worth, and is it subject to HP? If so, how much are the monthly payments?
Well that is a very high value and creditors would I suspect request a downsizing and some capital from the re-sale to go into your proposed IVA. Unless of course there are compelling reasons why this vehicle should be retained by you.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
