Will i loose my car as i need it to get to work and pick up my children ?

Get expert opinion. This is the place for new questions to be posted.
7 posts Page 1 of 1
Post Reply
 
 

Donna.pd

User avatar
Posts: 1
Joined: Sun Sep 09, 2012 3:50 pm
Post by Donna.pd » Sun Sep 09, 2012 3:50 pm
Quote
Will i loose my car as i need it to get to work and pick up my children
Top
 
 

gavin

User avatar
Posts: 344
Joined: Sun Jul 22, 2007 12:33 pm
Location: United Kingdom
Post by gavin » Sun Sep 09, 2012 3:57 pm
Quote
No
Empty pockets never held anyone back. Only empty heads and empty hearts can do that.
Top
 
 

Foggy

User avatar
Posts: 33395
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Sun Sep 09, 2012 4:04 pm
Quote
As long as it is a modest car (not an aston martin or such like) you will be allowed to keep it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Mon Sep 10, 2012 1:26 am
Quote
How much is your car worth, and are you considering proposing an IVA to your creditors?
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

Knob100

User avatar
Posts: 6
Joined: Tue Sep 18, 2012 9:52 pm
Location: United Kingdom
Post by Knob100 » Tue Sep 18, 2012 11:24 pm
Quote
Melanie, my car is not a high purchase but received a bank loan to finance it. I have so far paid 3/4 of the loan so far. However I am worried that creditors might request that I sell it off. Is this possible
If you cant share your profits, do not tell me your looses. Period!
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Tue Sep 18, 2012 11:31 pm
Quote
Very unlikely - but if the loan is unsecured then it will need to be included into the IVA.
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

Knob100

User avatar
Posts: 6
Joined: Tue Sep 18, 2012 9:52 pm
Location: United Kingdom
Post by Knob100 » Tue Sep 18, 2012 11:38 pm
Quote
Thanks Melanie. Yeah the loan is included in the iva but my fear is whether creditors could ask for it to be sold in case they feel that my outgoings are being eaten up by fuel, mot, and road tax?
If you cant share your profits, do not tell me your looses. Period!
Top
Post Reply
7 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”