Told by who? And for what reason ? If you are entering an IVA, many of us went into such an arrangement with vehicles worth more than £8k. If for bankruptcy they will possibly sell the vehicle and allow you the £3k to buy a replacement, But this is not usually set in stone, as far as I am aware (but stand to be corrected), and depends on the individual OR involved.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk