Bit of a hard one...me & boyfriend have just had to do an IVa and been accepted. However, within the IVa is my brand new car. I have now just been informed that I can no longer park for free at work in the city centre, and will have to pay £100+ per month. Obviously, this isn't possible. So therefore, no longer need a car as my boyfriend will detour and take me to work, and i can use the bosses car if I have a meeting.
So the question is, can I sell my car privately and use the money to get married and to do the bathroom??? I know it sounds really dodgy, but I'll never be able to do these things in the next 7 years without a large cash influx...?!? Will the IP find out i've sold the car? Advice please!
If your car was justified to be retained because you needed it for work purposes, and now you no longer do, then your IP will need to be informed of this change in circumstances.
They are bound to find out, as at the annual review time you will no longer be showing any of the expenditure relating to the car.
If you sell an excluded asset, you turn that asset into a different asset - ie cash - which is not excluded and very likely to be treated as a windfall. Given that you have only recently entered into your IVA, I would not expect your Supervisor to allow you to retain the money to pay for a wedding, but at the end of the day it is their decision and this will have to be justified to your creditors.
Thanks for your advice. The thing is, as far as expenditure goes, I would have to keep my isnurance to drive my boyfriends car anyway, and petrol would be going out of our joint account - but I think I will just keep the car anyway, maybe lend it to a friend on weekdays or something.
thanks for your help.
