My iva went through tuesday this week... yipee

[steve_]

Hello to everyone on the forum
Any way, My iva went through tuesday this week... yipee 96% for me and 100% for the wife.
Part of our debt was owed to GE capital for our car so you guessed it the question is about the car.
The debt is around 8000 though the car is worth around three, As far as i know it was a loan agreement looking at the forms i have, my ip had a copy of the agreement too and agrees its just a loan agreement , there is nothing on it stating that the finance is tied to a car,also GE Capital have not asked for the car back nor has the IP asked for us to do anything with it.
It was included in our proposals as an asset and we asked to keep it as we need a car for work so obviously the running costs were included in our budget sheet.
So my question is could we sell the car? We still need a car so we would simply buy another but we want something smaller and more economical etc.
Should we ask our IP? Would a HPI check show there is a loan on the car although theres nothing in the agreement stating its tied to a car?Are we breaking the law if we sell it and buy another?
Sorry to go on ,just a bit confused on this and any help would be appreciated.
Thanks all and keep up the excellent work!
Rgds
Steve

[MelanieGiles]

Hi Steve and well done with the IVA.

If the car was specifically excluded from the IVA then it is yours to do what you like with, but I would inform your IP out of courtesy. He might think it strange you saying this so soon after the IVA has been accepted, and will expect you to buy something of equal value or hand over the profit to him for the benefit of creditors.

A HPI check is unlikely to show it being subject to finance if the loan was unsecured.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[steve_]

Many Thanks Melanie, thats pretty much what I thought, another question if you dont mind!
I was sent the report from the creditors meeting today and along with it came a form for me to sign, its something to do with land registry, Would I be correct in assuming that its to do with the fact that one of our conditions was to use any equity in our house at year four? and this would stop us being able to sell it without them being aware?
The IP never said they would be sending it so its a little out of the blue as they have been excellent so far.
I dont mind signing it as anything is better than loosing the house.
Just wondered if I should be cautious or not!
Thanks again
Steve

[Adam Davies]

Steve
I think Melanie may be on a well deserved holiday so I can answer your question for you.
The form that you have been sent is a RX1 form and this simply enables your IP to know about any house sale[just in case you were to sell up and pocket all the equity !!].Its safe to sign and standard in most IVA cases,however if you have any reservations speak with your IP.
Well done to both of you by the way.
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp