Would my car be taken off me in an IVA

[sarah.ls]

Would my car be taken off me if I ended up having to go down the iva route.

[carlmcmullen]

HI Sarah,

What is the value of the vehicle and do you need it for work ?

Normally an IVA would exclude your vehcile and you not be expeted to sell but it does depend on the above factors.

[rachellxx39]

I think it depends on how much your car is worth and whether it is seen as an asset. Our car is only worth £600.We had our ivas approved and was allowed to keep the car ( Hubby needs it for work purposes as he travels 10 miles a day to work )Im sure an expert will answer you shortly however in case i have it wrong .

[marsha1]

Hi, I got to keep my car as I need it for work.

[MelanieGiles]

Very unlikely but as Carl says if it is a Bentley the creditors might take exception. The general rule I apply in my practice is to allow cars of a realistic value given that they technically have to last for a five year period. Cars are generally not attacked by creditors.

[sarah.ls]

Thanks for coming back to me all, my car is worth about £8k but I do require it for work and travel all over the UK. I wish it was a Bentley but is only an Astra. I have approx debt of £50k and just do not know which way to to turn at the moment.

[caraf]

Hi
We have got 2 cars which we both need for work. We where able to keep both cars when our IVA was approved in December 2007
P Reg Fiesta £500
55 reg senic £5k
we have kept both