This is not a black and white answer unfrotunately as each case is taken on its own merit. Typically creditors are not interested in vehicles worth less than £2500 but Melanie has had many IVas approved with vehicles of much large value.
Best thing is to call a couple of companies to discuss your situation in more detail and then we can best advise you, all things considered.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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We're with Payplan and our vehicle was worth about £8k at the time we started the IVA - there was never any suggestion of us having to sell it.
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As Tina has said, there is no hard and fast rule and each case will be considered on its merits. As with almost everything with regards to IVA, if there is a sensible, logical and reasonable explanation then all scenarios can be considered.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I always take the view that cars generally will have to last the duration of a five year IVA, and therefore should be of reasonable quality and value to stand the test of time. They can also mean lower ongoing maintenance costs as well.
