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do-i-or-dunt-i
Starting Member
2 Posts |
 Posted - 30 October 2009 : 20:02:24
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Hi,
I am in an IVA at the moment, 6 months into it. I rent my home, I have a car that has 20mths left to pay and is worth far less than what I owe.Then the £160 I pay on my car will go onto my IVA after it has finished.
Money is tight as you excpect, but my tax credits are due to go down in April by £70 this has not been factored into my IVA. So it will be even tighter.
What I need to know is what will happen with my car. I am a working single mum and live in a very rural part of the country. I need my car without a doubt.
Am I best cutting my loses and crackking on with life? |
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kentmikey
New Member
61 Posts |
Posted - 21 November 2009 : 12:42:41
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| Hi, I have read that they allow a value of £1000 for car as an asset, however, I am new to this so I am sure someone who is more up on this will be able post some advice. Is it a new car you have? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 21 November 2009 : 14:14:30
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Was your IP aware that your tax credits would reduce? Have you spoken to them regarding a variation?
You are generally allowed a car up to the value of £2500 in BR, providing you need the car for work.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
28 IPA payments made, 8 to go - in single figures! |
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