If your parents know about your IVA then I would be inclined for one of them to be registered on the V5 and then you just insure it in your name. You could pose this question to your IVA company, as it is clearly a gift it may be excluded as an asset.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
Your name being on the V5 doesn't mean you own the car. This is stated on the V5 itself , so as long it states on invoice / receipt when car is bought that it's your parents you can prove the technically isn't yours and not your asset.
The V5 states and records the registered keeper. As long as your parents physically purchase the car, in their names, and retain ownership it is not your car, but is being kindly provided by your parents for your own use.
The only issue could be if the running costs exceed those already agreed on the current vehicle --- the creditors might object to the increase.
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