I am currently arranging to go into an IVA and have done my income and exp with the company. They asked me if I had a car and I stupidly said no, I have though, but I'm totally scared that the creditors will get wind of this and force me to sell it as my debts are worth about 19k and the car is worth about 10k.
I need it to be reliable, its just over a year old and obv has no mot's for 2 years. I need it as both my parents are disabled and i travel quite a lot for them but they live over 200 miles away, so i dont want the breakdown risk with an older car. I havent just bought it, ive had it from new and plan on keeping it for the duration of the IVA.
Should I have told my I.P?
Its fully paid for, not on HP.
Hi and welcome to the forum, I think I would tell them if I had a car, honesty from the beginning will create a good relationship with your proposed IP. I can understand your reasoning and am not saying you're right or wrong. Wait around for a professional to give some advise. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
hey SS the girls are right you do need to let your ip know asap hun
please dont feel silly-you were obviously scared and thats ok but the iva is based on trust so start off on a good footing.
they may suggest you sel your current car and buy one at a lower value but still in good condition-i dont know but if you explain the situation with your parents predicament they will be more understanding than you think. the experts normally look in later-mel and kal normally do. dont worry there is a solution x
My car was worth about 8k when I started the IVA and there was never a suggestion that I should sell it.
You should tell your prospective IP though. Best to be honest from the start.
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
Ive told my IP that my petrol costs are actually for public transport instead, my parents pay for the petrol for me to go and see them and my other half said he'll pay for servicing, tax and insurance, but do you still think I should say something even though its not actually costing me anything apart from petrol which I have factored in as travel costs in my IVA.
The choice is yours, but it is best to be totally honest from the outset.
If something was to happen and parents or other half was not able to finance this, what would you do?
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 suppose I would just not go as often to see them but i do have someone from my old job who keeps badgering me to go and work some hours for them so that would pay for the insurance and tax i reckon.
If you do extra work for someone else, then you do need to declare this income as well.
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
one thing though, ive given my IP my partners income (basic wage) but he can do overtime as and when he pleases which does bump his wage up quite a lot.
If the creditors see that he is earning a decent amount, will they ask me to pay more??
Its not really fair on him as they are my debts and we dont have a joint account, we just pay certain things each, e.g. he pays mortgage, i pay gas/elec etc. My wage is very small compared to his.
I think he should be ok, as long as he is contributing the household expenses. Anything extra he earns will be his to keep.
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'd be honest and tell them. I told them about mine and I was able to keep it and it is still under HP until next week[:D] They didn't include the HP in the IVA though.
No one is likely to leave you carless, but they may ask you to sell and get a cheaper model. How have you managed to detail all of your motoring costs without disclosing the car?
Echoing what everyone else has said, honesty is the best policy, If you enter the IVA on false premises, you are likely to incur alot of problems throughout the course of the IVA, for example, what would happen if your car broke down? My advice is to speak to your IP, advise him / her of your car and ask for a revised income & expenditure list detailing your monthly vehicle costs.
