{"id":562,"date":"2013-12-13T12:32:47","date_gmt":"2013-12-13T12:32:47","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=562"},"modified":"2019-01-28T12:40:59","modified_gmt":"2019-01-28T12:40:59","slug":"will-i-lose-my-car-in-an-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/will-i-lose-my-car-in-an-iva\/","title":{"rendered":"Will I lose my car in an IVA?"},"content":{"rendered":"\n

With some obvious exceptional circumstances, the short answer is no. If you own a car and you need it for traveling to and from work, for family transport purposes or for your business \u00a0(e.g. as a self-employed taxi driver) then it is highly unlikely that your creditors will insist that you get rid of it, when they vote on your IVA proposal<\/strong> at the Meeting of Creditors.<\/p>\n\n\n\n\n\n\n\n

In what exceptional circumstances might creditors vote to prevent me from keeping my car?<\/h2>\n\n\n\n
\"Car<\/figure><\/div>\n\n\n\n

If the value of the car was relatively high<\/strong> \u2013 say \n\u00a310,000 \u2013 then creditors might require you to sell it and allow you to \npurchase a modest car for a maximum of say \u00a32,500 and introduce the \ndifference of \u00a37,500 as a lump sum into your IVA to enhance the dividend\n to creditors. Of course, if you were a self-employed taxi driver, then \nyou would have a much stronger case for retaining a good quality vehicle\n since given your likely high mileage, you would want to keep the \nvehicle roadworthy and minimize maintenance and running costs.<\/p>\n\n\n\n

If it could be shown that public transport was more than adequate for\n your transport needs and those of your family and that a significant \nsaving would be made if you did not have to run and maintain a car, then\n creditors might require you to dispose of your car and introduce the \nsavings into your IVA. In recent years, however, creditors have not gone\n down that road, by and large.<\/p>\n\n\n\n

If you want to make the best case for not losing your car in an IVA, \nensure that your IVA proposal clearly spells out the reasons why you \nneed the vehicle and ensure that the value of the vehicle and its \nrunning costs such as fuel, insurance, road tax and maintenance are not \nexcessive. Creditors are likely to act reasonably and less likely to \nreject your IVA when the facts are disclosed fully and honestly.<\/p>\n","protected":false},"excerpt":{"rendered":"

With some obvious exceptional circumstances, the short answer is no. If you own a car and you need it for traveling to and from work, for family transport purposes or for your business \u00a0(e.g. as a self-employed taxi driver) then it is highly unlikely that your creditors will insist that you get rid of it, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-562","post","type-post","status-publish","format-standard","hentry","category-iva-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=562"}],"version-history":[{"count":3,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/562\/revisions"}],"predecessor-version":[{"id":13265,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/562\/revisions\/13265"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}