Due to the value of the car, it was put forward from my creditors I must sell the vehicle at a minimum of £7000 and pay £4000 of it into my IVA. £3000 may be kept to purchase a new vehicle.

As part of my IVA I am required to sell my car for a min of £7000. The car has developed major problems recently that I cannot afford to rectify, repair costs are in the thousands (the car is unusable and parked up) so I am borrowing a parents car. I have not approached this yet with Payplan as I am...