Caravans and IVA

[plec]

Just thinking about going for an iva been in talking to thomas charles rep. didn't ask if had a caravan or anything like this, is it possible to keep one while going though iva proceedings. the caravan is 19yrs old and not worth much, can someone advise me.

[Cybus]

It sounds like you are in the initial stages in speaking to Thomas Charles.
At some point you should be asked to provide details of all assets that you own. As for the caravan, you will probably be asked to attribute a value to it - find the same kind of caravan, same age for sale and that will give you a guide price. If it's not worth a great deal, you should ask that it is excluded from the arrangement.
By rights I believe it should be declared as an asset in the proposal, but it can be shown as excluded as the sale of it would not introduce anything of real benefit to creditors.

Tell it like it is.

[plec]

thanks wasc going to give it to my mother as she would use it more than me

[MelanieGiles]

It would probably cost more to tow away than it is worth. I suggest you get it valued and ask your mother to pay the market value to you for inclusion into the IVA as a gesture of good faith.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[plec]

its not worth alot at the moment as it leaks needs fixing she will pay for it fixing all she will pay is a tow to where she lives i dont want to tell what i mess i am in

[MelanieGiles]

Sounds more like a liability than an asset, but don't forget to disclose to your IP what you have done.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[plec]

thanks i will give send a email tonight to find out what she thinks

[iva experts]

Welcome to the Forum Plec,

You must make sure that you tell your I.P or advisor at Thomas Charles about the caravan and what you decide to do with it. If you undersell this to your mother this could be viewed as giving away an asset.


Best Regards,
IVA Experts
http://www.iva-experts.co.uk/