How much do I keep if I sell my car?

[kitkat44444]

I am seriously considering selling my car to help afford my IVA payments (especially if I cannot get a variation after a large drop in income). How much, if any, of the sale proceeds would I get to keep?

Kitkat44444

[MelanieGiles]

Presumably if you need a car for travelling to work, you will need to keep enough to fund the cost of a suitable replacement - and one which will last until the end of the IVA?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[kitkat44444]

Hi Melanie, I am considering selling the car and not replacing it, using bus for commuting to work. Have worked out it would save me approx £140 per month which I could put towards IVA. I would estimate my car is worth approx £500. How much if any would I be able to keep of this?


Kitkat44444

[MelanieGiles]

If you don't need the car, then I would not have thought you need to keep any of it do you?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi
Well I would keep all of it.
Your car is excluded from your IVA and is no different to your TV etc,if you sold that you would keep the money.
Make sure that you adjust all your expenditure,true values,otherwise the extra you have saved will just go ontop of your existing IVA payments
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[kitkat44444]

Thanks Andy and Melanie as always for your responses. Will be getting rid of the car and using public transport to get to work. Plan to use part of extra money per month to put to one side towards maintainance and increased petrol costs for my husbands car and the rest for monthly bus travel cards.

Kitkat44444