Can I keep a car in an IVA?

If you are insolvent and are considering offering proposals for an IVA to your creditors you need to consider the implications for your transport needs, particularly if you already have a car or other vehicle. The first question you must ask yourself is whether you need a car in the first instance. Creditors may ask this question and you should be prepared to answer it. Provided it is essential for the normal transport needs of your household or for getting to and from work, creditors usually have no objections to your retaining a car for these purposes. Continue reading