As Melanie says, if you can justify a need for a car, i.e. driving to work, taking children to school etc.... you will almost certainly be allowed to keep the car and have a budget for the associated costs of running it, petrol, tax, insurance and maintenance.
The only exception to this would be if your creditors believed your car was too high in value in which case you could be asked to sell your car and buy a cheaper model giving the excess funds from the car sale to your creditors. There is no specific rule on the value of a car allowable in an IVA, as Melanie said you can sometimes find that some cases go through with high value cars such as Range Rovers. I would estimate that any car over £4000 would be up for potential scrutiny by the creditors.
Comparatively in Bankruptcy I believe that the court can ask for any vehicle over £1500-2000 to be sold and a cheaper one bought, luckily in an IVA this is not enforced as strictly.
Best Regards
Oliver
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