As part of my IVA I am required to sell my car for a min of £7000. The car has developed major problems recently that I cannot afford to rectify, repair costs are in the thousands (the car is unusable and parked up) so I am borrowing a parents car. I have not approached this yet with Payplan as I am concerned this is going to breach my agreement as I would not be able to sell the vehicle for anywhere near £7000. Please advise
You need to speak to Payplan asap. Why were you required to sell it? We never had to sell ours.
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
Due to the value of the car, it was put forward from my creditors I must sell the vehicle at a minimum of £7000 and pay £4000 of it into my IVA. £3000 may be kept to purchase a new vehicle.
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
Either you will need a variation or this means as long as the IVA gets the £4k you should be okay - it means you will now have less surplus available for a new car.
Hopefully Lizzy can help.
