worried about losing my car

[Tjay]

I am waiting for my creditors meeting but since finding this site ia m now worried about losing my car. It is worth 5000 but it will be the only thing i have left and i do a lot of travelling to my mums etc....I feel that it would be false economy to downgrade it ..i feel that it would last the 6 or so years better than an older car


Tjay

[Oliver]

In bankruptcy you would almost certainly lose the car but in an IVA cars are often treated more leniently. You are certainly on the cusp of being able to keep the car and I feel that you have a good chance of keeping it as long as you can show you reasonably need a reliable vehicle. Have you taken the car at trade value rather than researched the price through private sales which are often higher?

Best Regards
Oliver

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

[Adam Davies]

Hi
Relax,I,m sure that your car wil be ok.It,s only in bankruptcy that you run the risk of having to lose it or buy a cheaper one.
I have not come accross anyone,on this forum, having to sell their car in an IVA.[unless it,s a very high value]
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[iva_squirrel]

Hi Tjay,

I think you wont lose your car.
If you can maintain both payments (car & IVA) it wont be a problem.

Regards,
Michelle P.

[MelanieGiles]

Cars are very rarely touched in IVA's so long as they are not of excessive value or unecessary for usual work and domestic purposes. To be frank, it is more sensible for creditors to see a reasonable car that will last the five years of an IVA, rather than an old banger that will need replacing where you have no spare money or credit lines to fund.

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