The car through Parkers was valued at £5,150 franchised dealer, £3,885 Private Good and £3,295 Private Poor. Which of these valuations would they use for an IVA?
Secondly, although the car is in my name, my husband uses it for work. Would it be ill advised to transfer ownership to him before embarking on an IVA?
Lastly, I have two creditors. if neither voted in an IVA, what would happen then?
Thanks so much again. I've felt constantly sick all day to day with worry but I know I need to do something now.
we had a family sized car which was needed because we have 3 children and all in carseats so needed the space. It wasnt on finance and it was needed for work and general tunning about as a family does.
It was never queried and although it was listed on our paperwork as an ‘asset’ it wasnt listed as claimable. I cant recall the exact terminology but the car was never an issue and we even managed to sell it during IVA and use money to get a new one because cost of repairs were stacking up. New car didnt affect our expenidture in regards to petrol costs/insurance so iva never impacted.
At the figures you state I would expect the car to be ok.
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