If you are insolvent and are considering offering an IVA proposal 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 you use a vehicle for the normal transport needs of your household or you need it for traveling to and from work, your creditors usually will have no objections to your keeping a car. Continue reading
Car
Keeping my car in an IVA
‘What will happen to my car in my IVA?’ is a question often posed by persons who are insolvent and considering doing an IVA. In most cases, the answer is nothing and you will be allowed to retain the car. However it depends on a number of factors whether the IVA will affect the situation. Continue reading