if i applied for a iva would i lose cars &caravan

[andrew-h]

i have 2 cars and a caravan on hire purchase.
i also have about £20000 of debt that i cant afford to repay. if i applied for a iva would i lose the cars and caravan ?

[MelanieGiles]

Hi andrew h and welcome to the forum

That depends upon whether you have good reason to keep them or not. Cars are generally OK, so long as they are needed for transport to and from work and are not of excessive value. But do you need two?

If you are living in the caravan, it is unlikely to be touched, however if it is just used for holidays you creditors are unlikely to support you paying the ongoing hire-purchase instalments.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk