Iva Car Value
Moneysaver197711
Posts: 7 Forumite
in IVA & DRO
Hello everyone!
I am in a iva, I am wondering how much the car can be worth because I know there are restrictions in a iva with car value but what's considered as not expensive? this wouldn't be with finance.
Thank you!
I am in a iva, I am wondering how much the car can be worth because I know there are restrictions in a iva with car value but what's considered as not expensive? this wouldn't be with finance.
Thank you!
0
Comments
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It depends on the car and your circumstances. This is the case for all high value assets. It is normal to be allowed to keep a car worth a reasonable amount, especially if needed for work or family commitments. The conditions are not as strict as with bankruptcy.
Surely if your IVA has started this will of been discussed already ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I've seen figures of 6k and 8k quoted - this doesn't seem carved in stone.
As sourcrates says, this should have been sorted out at the start of the IVA0 -
From my experience £5K is when they would be asking why you need a car more expensive than that, individual circumstances would be looked at, such as disability, family size, any other cars in the household, distance to work, using car for work etc. etc.
But as sourcrates and fatbelly have said this should have been covered.
One question from me is you said it isn't finance, would this be a gift or have you a lump sum of money? If you have a lump sum why not ask about a lump sum IVA and if it's a gift it belongs to the registered owner. The only issue with a gift is your creditors may complain about any maintenance/insurance costs as it's not your car.0
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