would the car be taken from me?

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jessie_v

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Post by jessie_v » Thu Aug 14, 2008 11:55 pm
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Hi, I am in approximately £33000 in debt, one of the debts is my car, which I need for work, If I applied for an IVA would the car be taken from me? or would they see that I need it for work to pay my bills?
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Lisa2009

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Post by Lisa2009 » Fri Aug 15, 2008 12:01 am
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Hi jessie and welcome. It is possible for the car repayments to be built into your IVA on the condition that once the car is paid off, you then increase your contributions each month by that ammount.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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MelanieGiles

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Post by MelanieGiles » Fri Aug 15, 2008 12:01 am
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Hi Jessie and welcome to the forum

Is the car financed on a hire purchase agreement or an unsecured loan? If the former, your HP payments would have to be maintained to retain the vehicle, but these are allowable in your expenditure. If an unsecured loan - then so long as the car is not of excessive value - I normally work on £10,000 or less, then you ought to be able to retain it.
Regards, Melanie Giles, Insolvency Practitioner
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