www.iva.co.uk

Hi
If you apply for an IVA can you be forced to sell your car if it is a decent vehicle ?
Thank you.
Kind Regards

Hi there and welcome to the forum

Creditors may wish to see the vehicle sold and a cheaper replacement found, but this is actually quite rare because the car has to last for the five years of the IVA.

How much is your car worth, and is it subject to HP? If so, how much are the monthly payments?

Hi and welcome from me as well.

Me and hubby have an IVA which has been running almost 12 months. We have a car which was just over 2 years old at the time we started and was worth about £8000.

We kept the car, and it was never mentioned at all.

Depends on the mood of the readers of the IVA Proposal acting for creditors - in other words - pot luck

Hi mlh and welcome to the forum[:)]

As Melanie says, it is a good idea if you start out with a decent car that can withstand the duration of the iva.

Obviously it would be within reason and if the car is of a massive value I don't see how creditors would continue to allow high repayments to it.

Be honest and upfront with the professional's you take advice from and see what they say.

Have a look on www.iva.com at reviews of companies by the clients who use them

Good luck

Hi Melanie
Thank you for your reply. Our vehicle is ours and not on HP etc. and is worth about 10k to 12k.
Regards

Well that is a very high value and creditors would I suspect request a downsizing and some capital from the re-sale to go into your proposed IVA. Unless of course there are compelling reasons why this vehicle should be retained by you.