Hi, we are nearly coming to the end of our IVA and yesterday i had another driver rear ended my car quite badly, where it could be a write off.
Money wise the car is not worth probley more than £600-800. If the car is wrote off and i got a few bob for it can i use the money to put towards another one?
The car is down as a asset on the paper work but we are lucky to have another old car to use.Do we need to inform the supervisor of whats going on?
At the end of the IVA does your supervisor ask you if you still have your cars?
Do you have to produce all your documents again to get your completion certificate?
Sorry about your accident - I take you weren't hurt at all?
I think you should be able to use any insurance payout but I would run it past your IP.
I was never asked if we still had the car.
What documents are you referring to? If it's the car then I doubt they will want to see them.
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.
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I had a car and a motorcycle included in my Iva and it was extended by six months allowing me to keep both they were never mentioned again after the commencement of the Iva
I would not have thought you would have any problems using the money to buy a replacement one.
I too had both a car and motorcycle at the start of mine (both were old with not much value) but I was able to show to the IP that having the bike was worth while for the cheaper running costs but needed to car for certain things too, so was allowed to keep both with no extension to the IVA.
During the IVA my car broke down (engine bent valves) and I was allowed to sell both that car and bike to fund a replacement car.
Run it through your IP but if you have already shown you the need for two cars than I am sure they will allow those funds to pay or a replacement for the one written off.
My car was written off a couple of years ago and there was no problem using the insurance money to buy a new one (£2,500). I did however have to send the receipt for the new vehicle and also a copy of the new V5 document to my IP.
The hardest part is telling a stranger about your problems ...... it's also the most important!
