will i lose my car

[worried]

will i lose my car

[Skippy]

Hi Worried and welcome to the forum.

I presume you mean will you lose your car if you enter an IVA? To be honest you will need to take professional advice about that, as it depends on the value of your car.

Three down, fifty seven to go until freedom!

[Oliver]

In bankruptcy any vehicle with a value of more than £1,500 can be scrutinized. As IVAs are comparable with bankruptcy the same applies, however, in my experience I have found that people are treated more leniently in IVAs regarding cars and on a rule of thumb the value of a car won't usually be scrutinized in an IVA unless it is more than £3,000 - £4,000.

Please post some more details about your personal situation.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[MelanieGiles]

Oliver

The Official Receiver's limit is £3,500, so anything below that is usually safe.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Oliver]

Thanks Melanie

I always thought that it was £1000 in Scotland and £1500 in England, I had a quick search on the net and found many different figures quoted, ranging from £1000-£3000. I will bow down to your infinite wisdom on the matter. Thanks for the heads up.

Kind Regards

Ollie