You should be able to keep the car.My hubby is in an IVA and his car was still on finance , he could still keep it and allowances were made for his repayments.
At the end of the day, it is acknowledged that you need a car for work...as long as its not a brand new porsche [:D]
Make sure you put expenditure in for servicing, MOT etc
Hi Ian,
You are definately allowed a car as you have to have one for work. I had a really expensive one and admittedly it had to go, but I now have a brand new one, lease hire, and am allowed up to £350 per month to keep motoring so don't worry on that score. I'll get a new car each year and after the first year I can extend the lease terms and the payments will reduce along with lower deposits.
Best wishes,
Caerrie
I was allowed to keep my car which was worth around 4k when I went into an IVA. If you need your car for work there should be no problem with you keeping it.
Our car was work about 8k when we did our IVA, and we were able to keep it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Mines worth about £16,000 and lease payments are £400pm but I'm allowed to keep it and allowance has been made for it in my expenditure. When the lease ends and I can get out of it though, I will be opting back in to my company scheme so I dont get hit with any unexpected repair/MOT/servicing/insurance costs in the future.
