www.iva.co.uk

If the IVA proposal isn't successful, and we have to file for bankruptcy, can a relative pay the difference between the value of the car, and what you are allowed as a reasonable cost to the OR?
The cost of running and repairing a much older car is going to be greater than the running costs incurred with our current car, due to very high annual mileage. I have looked on Autotrader, and with an allowance of £3500 which I understand is the usual maximum, I am not going to be able to buy a replacement car less than about 8 years old.
My job neccessitates a reliable 7-seater car; would there be room for negotiation with the OR? Without a car I am unable to do my job. (It is worth about £8750)
Thanks
Blue

You may be able to argue that this is necessary for your work but if not a friend or family member could offer the court the money to allow you to keep the car.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

I would have thought it counted as tools of the trade.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Cars are not treated as tools of the trade, and the exemption monetary limit applied whether it is a business or a persoanl asset.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk