Can I keep my car in an IVA?

In most cases your car will not be affected by the IVA. If your car is subject to a finance agreement, you will need to keep up payments to the finance company; we will make allowances for this when establishing your monthly expenditure. If your finance payments are particularly high, you may be asked to replace the vehicle with something more affordable to free up money each month. Likewise, if you have a very valuable car (after deducting the balance of any finance secured against it), you may be asked to replace the car with something cheaper and introduce the cash released into the IVA.