BR - Will i lose my car

[paula74]

if we were to consider BR would we lose the family car. The car is the only assest and at the time of IVA valued at around £8000. We live in a village, my children can't get into the local primary school so go to school 4 miles away where we lived before and i have to drive them there and back. i have to have a car for work as i travel to different offices several times a week, using the bus is not an option. If i don't have car i will loose my job because of travelling around. The bus service from our village is every hour. this would also have a big impact on the children.

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[coco]

Hi,

The OR will only allow approx £3k for a car this does varify between OR, the OR may force the sale but allow you some of the money to purchase another less exspensive car. However if the car is on HP the OR in some cases may not be allowed to for a sale as officially belongs to the HP company until all payments have been made but they are not obliged to allow you to continue with the payments in your expenditure forms. In my case my car had 17 months outstanding on HP, the value of the car was apporx £4500 i was allow to continue with payments and keep the car, yet some people have had their car taken for less again it is dependant on the OR as there does not seem to be anything set in stone.



view my blog http://coco.blogs.iva.co.uk

[iva experts]

Hi Paula,

It is good to tell the OR the reasons why you need your car, but they will probably question why you need a car worth £8,000.

This is definitley something that the OR would look into, as Coco has mentioned they may ask you to sell it and buy a cheaper one, with the rest of the money going to the creditors.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[MelanieGiles]

I am fairly certain that the car will have to be sold, but you will be allowed an allowance for a replacement of approximately £2,500.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp