Can I keep a car in an IVA?

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