That's bad - my car was worth 8k when the IVA started and there was no question of it being sold.
Agree with Lesley that you probably wouldn't get that much for it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Fab! I know you just want to agree to anything to get the IVA approved, however you could sell your car and get a right old banger that could cost the earth.
Seems a reasonable compromise to a silly situation. I thought you were going to say your car was in excess of £10k !!! On the face of it they are only after, at the most, £1500 (which I doubt they will get as you are unlikely to sell for the value) -- that's £25 a month !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Just an update - meeting has been put back until next Tuesday now. IP cannot contact Santander today as they are out of office. They are going to request the extra £25 a month go onto the IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Absolutely crazy - at the outset of our IVA we had two cars - one was worth £6500 and the other £5500. We had to sell the £5500 to raise £3000 allowing us £2500 for a new car.....we understood and accepted this and were grateful to keep one newish and reliable car.
To ask you sell a car worth £4500 to raise £1500 is taking the mikey and personally I would challenge it - as others have said, can you afford an extra £25 per month ?
Equally if Santander are the only ones saying no - do they hold the majority of your debt ??? so long as 75% of those that vote say yes it can go through without worrying over Santander -
not nice having it hanging over another bank holiday, but I hope they get it sorted for you on Tuesday and the outcome is a positive one !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
