Just starting the process of an Iva. Question, how likely is it that I'll have to sell the car? Its used for work purposes, as my partner is a sole trader. Private sale value according to the web is £5300. Trade in £4600.
I've recently entered into an IVA and my car is worth around £8,000 - it was never suggested to me that I might have to sell it, so I would say highly unlikely.
Can we climb this mountain? I know we can make it if we take it slow.
You would almost certainly lose both these vehicles in bankruptcy but not in an IVA. You need a vehicle reliable enough for five years and neither vehicle is excessive.
