www.iva.co.uk

Halfway through my IVA and have a car that is costing small foutune in petrol and repairs. It's a 7 seater which I now dont think we need. Do you think we can trade it in to get a different car of roughly the same age but a 5 seater and more econimical on the petrol. We wouldnt be taking out a loan, just seeing what we could get with the value of the car we have at the mo.

Hi je,13bha and welcome to the forum

I assume that you own your current car outright and that it was excluded from the IVA. If this is the case, then it is yours to freely trade with - and if you can get a more economical car then credtiors will benefit from a share of the cost savings.

Hi, we took out an oringinal loan for our first car and then traded that in to get this car and still had part of the loan to pay off which was included in the monies taken into our IVA.

Then so long as the car is excluded from the IVA - and I imagine it is - there should be no problem in selling it and buying another one - but do make sure that any changes in costs do not affect your IVA payments adversely.