Will I loose my car if I take an iva out

[doreen]

Will I loose my car if I take an iva out.Will I LOOSE my bank account

[gporter3319]

Hi Doreen, from what I can make out if your car is worth less than a certain amount you are allowed to keep it.Have heard of different amounts! Also you will need a bog standard bank account to make standing order payments from.Gary

[MelanieGiles]

Hi Doreen

Creditors only really ask people to sell cars in IVAs if they are of high value. So long as you can justify the need to keep a particular car, then they are generally left alone.

If you have your bank account with a company to whom you owe money, then you would be well advised to open another account with a non-creditor bank, to avoid your bank setting off your current account credit balance against their debts.

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

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

[finebridge]

Hi Doreen,

How much is your car worth? Is it on HP? You are certainly allowed to have a car in an IVA, but as explained by Melanie you would need to down grade if the car was of too higher value.

Kind regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[saz]

Hi, I am half way through getting an IVA (hopefully) and i was told that my car is safe, it's a 55 plate clio it was £8500 just as a guide for you, they said if i was going round in a porche then it would be different and i would have to downgrade, If you have debts with your bank then they advise you to change banks, this is in my case anyway with payplan.

[Skippy]

I got to keep my 04 plate Corsa as well

Onwards and upwards!!!

[123debtsolutions]

Hi Doreen

Welcome to the forum.

As long as your car is not of high value and doesn't have a large amount of equity then you should be fine. Your IP should be able to advise you further on your particular circumstances.

Depending on how far into your application you may wish to consider seeking advice on all aspects of your proposed IVA with other companies. I would only recommend companies on this forum.

Best of Luck

Lee
www.123debtsolutions.co.uk - 08000 114 123