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Under normal circumstances, there should be no reason for the car to be taken in an IVA. If, however, the car is an expensive one then the creditors may suggest the vehicle is sold and a cheaper one bought, and the money saved would be paid into the IVA arrangement, thereby increasing the offer to the creditors.
f the car is on Hire Purchase, the vehicle belongs to the finance company until the last payment has been made, but if the HP payment is a large amount, again the creditors could ask that the car be downsized to one with a cheaper monthly payment.