car needs fixing, can I sell it and get another

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starboy

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Post by starboy » Fri May 02, 2008 11:26 pm
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i have been in iva 17 months .my car is in a iva things are going wrong all the time.i needto repair it but it will cost around £900am aloud to get it fixed ..it is worth £1400 can i not sell it and get car for that price
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luluj

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Post by luluj » Sat May 03, 2008 6:21 am
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You can sell it and replace it with one of similr value - they may ask where the additional has come from - so be prepared to confirm this - I know I was able to build up a small contigency to put towards car replacement over a few months and this helped.
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MelanieGiles

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Post by MelanieGiles » Sat May 03, 2008 11:07 am
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As your car has probably been treated as an excluded asset for the purposes of the IVA, it is yours to sell if you want to.
Regards, Melanie Giles, Insolvency Practitioner
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starboy

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Post by starboy » Sat May 03, 2008 11:45 am
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i forgot to say the car is on finance.does this change things
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MelanieGiles

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Post by MelanieGiles » Sat May 03, 2008 11:47 am
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Well if you sell it you will need to clear the finance first, so will this leave you with enough money to buy a replacement?
Regards, Melanie Giles, Insolvency Practitioner
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starboy

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Post by starboy » Sat May 03, 2008 2:28 pm
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Thanks for your reply.if a paid off what is outstanding on the car i could not afford a car
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