www.iva.co.uk

Hi,
Please can you advise. I have a car worth approx 4000. I need this car to commute to my place of work ( job held for 10 yrs). I travel 140 miles each day for 3 days per week the other two i work from home. I understand with bankcruptcy the most value you can keep a car is up to 2000. I need a reliable vehicle because of this distance up and down motorway. Would my car be allowed if i went bankcrupt? I need and want to remain in my job. Thanks in advance for any help you can offer.

Hi
It will all depend on the view of the Official receiver in your case.
If they have a £2500 limit it could be that you can ask a third party to buy the difference[£1500] from the OR
Regards

Hi Sue,

The official receiver has the final say on weather you can keep your car or not and this can differ from office to office and will based on your personal circumstances.

Whilst alot of people say a value of £2,000 plus is excessive the OR may see it differently. However if they do force you to sell the car then the OR will 'give you some money back' to purchase another, reasonbley valued vehicle.

Have you researched any other solutions ?

I was allowed to keep my car, which was valued at £3500 at the time of my BR. I was surprised to say the least. The examiner agreed that I needed the car for my job, so I suppose that by the time they had paid the fees to take it and sell it and given me £1.5-£2k back to get another there wouldn't have been a lot left.

You have a good case for retention of this asset, but it is borderline and if the result is that the OR wants to see it sold I suggest you make an offer of increased IPO payments by way of compensation.

Can I ask why you feel that bankruptcy is the option you feel is most appropriate for you?