Can I keep my car if I do an IVA?
IVA - keeping your car depends on circumstances
We receive a lot of calls and emails from the public asking; "Can I keep my car if I do an IVA?".
Please note that if you are a car owner the creditors generally allow you to be able to keep it as long as it is not too expensive.
Every IVA case is different and you keeping the car will depend on what make and model of the car, its value and your circumstances.
If the car is of low or reasonable value, say £10,000 then it is normal to be allowed to keep it. Many callers to the IVA Unit state that they need a safe, modern and reliable car for work or family reasons.
Can I keep my car if I do an IVA if it is on hire purchase?
Please note that for cars on Hire Purchase, the debt is secured and so cannot be included in the IVA. if payments are not made then the HP company will repossesses the car.
If the car payments are reasonable, say £100-200 then in most cases you will be allow to keep making HP repayments while on the IVA.
IMPORTANT NOTE
If during the IVA you complete the hire purchase plan you will be expected to make increased payment into the IVA. This is expected because in practice disposable income will increase.
Returning the car before the IVA begins
Some clients decide to return the car to the finance company. In this case the outstanding balance is not longer secured and can be included in an IVA proposal as an unsecured creditor.
If you would like to know if you can keep your car if you do an IVA complete the following form or telephone freephone 0800 074 6918.
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- What Does IVA Stand For? |
- How do I work out how much I can afford to pay per month in to an IVA? |
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- Are there any upfront fees with an IVA? |
- Why should I consider an IVA over bankruptcy? |
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- How will An IVA affect my home equity? |
- Can I keep my car if I do an IVA? |
- What assets might an IVA affect? |
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- Can I still use the credit cards I've included in an IVA? (no content) |
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- Will an IVA affect my employment or my ability to get a job? |
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- What situations would prevent me from doing an IVA? |
- I've been told I can't do an IVA, what should I do? |
- Can I exit out of my IVA before five years? |
- Under what circumstances can an IVA proposal be rejected? |
- What percentage of IVA's are blocked by creditors? |
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