Can banks/debtors take my motorcar? 7yo & some dints, not on HP. live in rural area.

M

mabel123

Registered User
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MABS is currently dealing with my debtors on my behalf and they have said the banks cannot take my motorcar as I am on social welfare and I live in a rural area. Is this correct? It is a 7 year old van with some damage to the bodywork and not on HP.Not worth alot to the banks but vital to me.
 
Unless it is on lease which is unlikely given it is 7yrs old plus doubt it would be worth taking it.
 
I have just looked at my Credit Agreement and there is nothing in there that says what the purpose of the loan was. As I recall I took it partially to consolidate some debt and I spent €9000 on a van for my business and the rest on business equipment but that is not stated in the agreement.The loan was taken in June 2007 for €22000 over 5 years and I only stopped paying it about a month ago. It is a fixed rate personal loan.
 
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