www.iva.co.uk

I'm hoping to talk to people, "off the record", who have applied for an IVA, and where one of the creditors has insisted on the sale of their car as a condition of them voting in favour of the IVA. We have a number of cases involving a large bank who have requested that our customer sells their car (essential to get to and from work and which is of modest value), and pays all the proceeds of the sale to them! To add insult to injury, the original loan was not even to buy the car. Because of this stance, some customers may be forced to go bankrupt to keep the car, rather go bankrupt.

I have a journalist who is interested in speaking to people in this situation, so if you are interested please give me a call on *number deleted.*

Nick Pearson

*Addresses and telephone numbers are not allowed in posts. If anyone needs to contact you, they can do so via the Blair Endersby site.

Hi Nick

I rarely ever see this to be honest, but I have asked my Supervisory manager to do a quick trawl today and I will e-mail you.

I know the bank you are referring to, and it seems that they have a general bar to voluntary arrangements generally, which clearly is not in accordance with the IVA protocol.

I am aware of a couple of cases, whereby creditors have requested the sale of a car, but they have permitted the debtor to keep a proportion to buy a replacement.

Can you say which bank this is?

Part of our car was to sell my 56 plate C1 and add £3500 into the IVA within three months of the IVA starting - the balance of what we sold the car for was then used to purchase a replacement vehicle - this was £1750.

We have a 55 plate Skoda Octavia, complete with personalised number plate (one of DVLA's cheaper ones) and we were allowed to keep both.

I was allowed to keep my 04 reg corsa when I went into my IVA in 2006.

We had to sell my C1 as hubbie has a 06 Meriva that we had just bought prior to deciding enough was enough - we had alrready downgraded his car from an sri Astra - at least we were able to keep a second car due to our jobs whatever the age of my old banger !

Melanie and Nick - please advise name of Bank asap.

Two of our creditors (both banks) requested this modification

I had a year old Renault Megane with a private plate and I was able to keep (I did however need a reliable car) as I use my car everyday for work and do over 15000 miles per year.

Karen x

We have 2 cars
55 plate Renault Scenic
P reg Fiesta

we where allowed to keep both !!

David

This information is not for a public forum, I will e-mail you directly when I return to my office on Friday.

Thanks Melanie - look forward to hearing who they are!