Selling our car

[cent]

I was wondering if anyone could help?
As a part of out IVA proposal we are including an initial lump sum from the sale of our car, however, a close family member has offered to give us the required funds so that we dont have to sell the car to raise the cash. Would we be allowed to do this, is there any way that our creditors can find out that we haven't sold the car and have acquired the money from elsewhere? Obviously we don't want to jeopardise our IVA acceptance in any way.
Hope you can help - thanks.

[Adam Davies]

Hi
I can,t see a problem with this as long as its a gift and not a loan.You could always say that your relative has purchased the car and are loaning it to you free of charge.
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

[MelanieGiles]

Hi cent

Absolutely no problem in doing this - the creditors and your IP will not be too bothered where the money comes from - only that it will be paid over in accordance with the terms of yoru arrangement.



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

[Oliver]

Hello

This is a perfectly acceptable proposal and would be similarly acceptable in bankruptcy.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp