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Posted: Tue Mar 06, 2007 4:39 pm
by peterj
Should I take out an IVA, do I lose all assets that are at all valuable such as my car e.t.c
Posted: Tue Mar 06, 2007 5:04 pm
by steve532
Hi Peter
welcome to the site.
You dont lose any assets.
You might have to downgrade your car as I had to but i was allowed £4500 to get a second hand one. If you have property you will have to release equity in the 4th or 5th year. But if you put more detail on the site, ie debt and disposable income im sure 1 of the very good experts on this site will assist you more
good luck
be lucky
steve
Posted: Tue Mar 06, 2007 6:00 pm
by MelanieGiles
It depends upon the nature of the assets and their value. Please provide more details and I can then advise. Cars are generally safe up to a value of £7,000, so long as you can justify why you need them. This is usually attribute to travel to and from work, and the fact that they generally need to last for the 5 years of the IVA.
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