Page 1 of 1
Posted: Thu Nov 20, 2008 7:13 pm
by ian42
what happens to my car if I take IVA out its worth around £4000.00 not on finance
but I need it to get to and from work which is 50 miles around trip
Posted: Thu Nov 20, 2008 7:37 pm
by Julie
Hi Ian,
You should be able to keep the car.My hubby is in an IVA and his car was still on finance , he could still keep it and allowances were made for his repayments.
At the end of the day, it is acknowledged that you need a car for work...as long as its not a brand new porsche [:D]
Make sure you put expenditure in for servicing, MOT etc
Posted: Thu Nov 20, 2008 8:01 pm
by chardonnay
Hi Ian,
You are definately allowed a car as you have to have one for work. I had a really expensive one and admittedly it had to go, but I now have a brand new one, lease hire, and am allowed up to £350 per month to keep motoring so don't worry on that score. I'll get a new car each year and after the first year I can extend the lease terms and the payments will reduce along with lower deposits.
Best wishes,
Caerrie
Posted: Thu Nov 20, 2008 8:58 pm
by Skippy
I was allowed to keep my car which was worth around 4k when I went into an IVA. If you need your car for work there should be no problem with you keeping it.
Posted: Thu Nov 20, 2008 11:21 pm
by kallis3
Our car was work about 8k when we did our IVA, and we were able to keep it.
Posted: Fri Nov 21, 2008 11:46 am
by UpToMyNeck
Mines worth about £16,000 and lease payments are £400pm but I'm allowed to keep it and allowance has been made for it in my expenditure. When the lease ends and I can get out of it though, I will be opting back in to my company scheme so I dont get hit with any unexpected repair/MOT/servicing/insurance costs in the future.