A bit of help would be appreciated on behalf of a friend's possible surprise present.
My friend's girlfriend has an iva and he has mentioned to me he would like to buy her a new car for her birthday but as a surprise for her. Her car is giving her problems and he wants her to have some trouble free motoring. He knows I have an iva so was wondering if he could do this and how to go about it.
So my question is would there be any way he could do this for her? Just want to know if it would be detrimental to her IVA I guess or if the IP needs to know. Would he maybe have to put it in his name or would he be able to put it in her name??
24 months in 40 to go (had 4 month break added on to end)
Personally I don't think there will be a problem. It is a gift and won't have cost her anything to buy.
What a lovely man!
Hopefully one of the professionals will be along, but I think it will be ok.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think it would depend on the value of the vehicle as it could be deemed a windfall if the vehicle was expensive. If he does intend to buy her a Porsche tell him to keep it in his name until the IVA is over.
Last edited by Michael Peoples on Tue Jun 23, 2009 9:28 am, edited 1 time in total.
I would certainly advise him to keep the car in his own name whilst the IVA is running. If the IVA ultimately fails and bankrutpcy is pursued, this could be captured as an asset, and the risk is not worth it. I am sure the lady in question would understand.
Thanks very much for your help. He isnt looking at a porsche....lol.. more a peugeot 207 or a ford fiesta but a new one. I will tell him to put it in his name and yes I am sure she will understand, I know I certainly would if it was me
24 months in 40 to go (had 4 month break added on to end)
