www.iva.co.uk

Will i loose my car or have to sell it, will i have to sell or loose my motorbike as we need both for transport to work, will are bank account be closed.

Hello,

If you enter into an IVA then you should be able to keep your vehicles.

You need to open a bank account with a bank that is not a creditor - Co-op come recommended.

Give one or two companies a ring for some free advice via www.iva.com

As both are needed for work, you should be fine.

Welcome to the forum!!

Welcome to the forum ...... the retention of your vehicles should be ok so long as they are off moderate value and are required to get you to and from work if there is no public transport available...if there is public transport available you may have to explain why your own vehicles are used.

If your current bank is being included within your IVA as a creditor then you should look to open a basic bank account with a non-creditor and swap all direct debits over before the IVA commences....recommended banks are Yorkshire, Nationwide, Halifax and Co-Op...Natwest comes recommended from some others too.
Any account opened with a overdraft level needs to have the overdraft removed as whilst in an IVA no new forms of credit should be taken without express permission from your IP.

Good luck and let us know how you get on.

As other have said, as long as you can show your vehicles are needed and not of high value, you will be allowed to keep them. I have both a car and a motorbike but they are both low value and, because of the mileage I do, was able to show that if one or the other was sold, the extra running costs of the other one would mean there was no saving for the IVA.

As far as the banks are concerned, if the Co-op is not one of your creditors, they have been good to me in the IVA. I opened mine a couple of months before siging the IVA forms so they gave me an ordinary online (Smile Bank) account as well as a savings account and was set up with a £1000 overdraft limit.

When entering the IVA, mine stated I could not obtain more than £500 credit without permission of my IP so the Co-op (Smile Bank) just reduced my overdraft limit from £1000 to £500.

Good luck.

So long as the vehicles are of relatively modest value, there should be no need for them to be affected by the IVA so long as they are both genuinely needed for both of you to travel to and from work.