Car at risk in creditors meeting

debtdalek

Been working on our Income and Expenditure for the IVA for several weeks now and we've just received the proposal.
We're really concerned that no-one has mentioned until now that there is a possibility that the creditors will ask us to sell the car - valued at approx £6700.
We have a huge list of very important considerations as to why we need to keep this efficient and reliable vehicle. Family health, distance from family etc etc.
Has anyone had a similar experience and if so how have they dealt with it. Has anyone either been asked to sell and or had to sell?

FoggyBrain_2

Generally you will be allowed to keep a car of that sort of value. I do know of IVA'ers with cars a bit more than that. The creditors will look on a newer car as an investement, in that it will cost less to run and repair over the next 5 years.

bandicoot421

If your car is still subject to hire purchase then they should factor this into your outgoings as a reasonable expence, i bought a car from new in 2010 and have 4 years payments left, my fifth year i will be paying the monthly balance towards my payments.:)

This was my experience, unless its major asset ie a second car/classic or luxobarge.