Car advice please

[Wizzard]

Hi Peeps and Peepettes[:)]

I hope you are all well this week. I have a question..... at the moment I am driving an old Skoda Favorit and it is now starting to give me lots of problems. For example in the last month its 'cooked' two batteries and blown an exhaust system, and now I find it may need a new alternator. The kit is cheap but the fitting is £45 per hour and looks like 2 hours work.
I really can't afford to pour any more hard earned into it. My daughter has intimated that as its our 40th this year she may be inclined to buy me a car. I'm not greedy, I've told her I'd be happy with a new Fiat Panda and she's giving it a bit of thought. If she does buy it and puts the car in my name would this affect my IVA in any way as the value of the car will be about £5999?

[abc]

This could be classed as an after aquired asset, generally creditors are happy for you to have a vehicle that is less than £3,000. So either get a second hand vehicle for this value or your daughter could purchase the vehicle in her name and "lend" you the vehicle for the remaining part of your IVA then the asset does not belong to you.

[MelanieGiles]

If your daughter wants to gift the vehicle to you, then it does not fit into the after acquired asset category - and in any case I suggest that your daughter retains ownership of the vehicle until the IVA has ended as Alan suggests above.

From my experience there are no monetary limits imposed by creditors with regard to car values in IVAs. Common sense seems to prevail when it is known that the car has to last over an extended period - ie the five year duration of the IVA.

[Wizzard]

Thanks for the answers Alan and Melanie. You backed up my thoughts exactly. If she goes ahead and keeps ownership of the vehicle then hopefully I will not have as many nasty shocks like the one today ..... £250 for an alternator [:(!]