Selling a car

[ivadenuff]

If I were to sell my car (worth around £3000 in a private sale) during the IVA and get a cheaper one (for around £1000), how much of the money made from the sale would have to go into the IVA?

[MelanieGiles]

None - if your car was a specifially exclused asset which is likely.

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

[jpj]

A car for a grand...bet you end up spending the other 2 grand keeping the one grand car on the road for a year!![B)]

[Beechy]

Sounds a bit harsh jpj

Dave Beech

[jpj]

I speak from past experience !! the less you spend the more you have to spend on them I find!
I wasnt been nasty,honest! )

[Adam Davies]

Hi
i think that it depends alot on the mileage that you do and just how critical your car is for work.If you work locally and there is a back up bus service to get you to work if your car let you down then a cheaper car may be a sensible move.However if your car is critical for work then it pays in the long run to have a reliable one and also pays to use your car maintenance allowance to have it regularly serviced.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[depressed]

HI ANDY ,WE WERE WONDERING IF WE WERE TO SELL OUR CAR AND REPLACE IT FOR THE SAME MONEY IF IT WOULD MAKE ANY DIFFERENCE AT ALL ,AS WE BOUGHT A CAR LAST MONTH FROM THE CAR AUCTIONS AND MY DAD THINKS the engine needs work doing on it ,he said to get rid of it now before its too late ,its worth around £3000 and i need a car ,my daughter is dissabled and we have regul;ar hospital visits etc .
we are in the early stages of offering a full and final iva made up of equity from our home and a endowment policy which we are going to cash in ,theres no mention of offering the car or anything but i have been completely honest and declared all of our assets .
thankyou so much for any advice you might have .

[MelanieGiles]

There should be no problem in exchanging a car on a like for like basis, but you would be best advised to run this by your IP just to be sure.

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