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Posted: Tue Oct 08, 2013 6:41 pm
by Croydon lady
Hi,
This is for a friend who is thinking of an IVA. What is the max value of a car, (which is not on finance) that somebody can keep, her car is valued at about £5,500
thanks
Posted: Tue Oct 08, 2013 7:21 pm
by winter_blues
That should be fine - my car was worth £6500 when I entered my IVA. Remember, it's got to last you the term of 5-6 years ideally. So it pays to have something half decent and reliable.
Posted: Tue Oct 08, 2013 8:48 pm
by kazzafunk
Hi Croydon lady - as Winter Blues has stated it should be fine. It is a problem in bankruptcy but in an IVA, if you need a car then you are likely to be allowed to keep a car of your value.
If you don't need a car for work or school runs etc and your % of repayment is very low then I suppose creditors could ask for it to be sold. But I haven't seen this happen on the forum before.
Posted: Sat Oct 12, 2013 5:35 am
by luluj
As others have said you should be ok.,we had two cars of that value when we entered our IVA and had to sell one to release half the money, using the other half to buy a cheaper car ...we were lucky and a deal with family that provided us with a car that sure through the duration of our iva.