Some Advise Please

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nevillebunny

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Post by nevillebunny » Sun May 17, 2015 3:26 pm
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Just before Christmas my car went bust and the repair bills were too much so I had to get it scrapped. I needed a car for work so just bought a £200 auction can as need a car for work. The MOT is due to expire on this soon and there no chance of it passing.
My parents want to help out and buy me a car for work and family. Still an old car but a bit more reliable. Probably around 8 or 10 years old around 2k.
What implications will this have on my IVA? What do I need to do to make sure I dont breach anything?
As they live far away they were thinking of transfering the money to my wife (not in IVA and no financial ties).
Currently in an IVA. Not a Financial Professional, any comments expressed are just my opinion.
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lifenoteasy

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Post by lifenoteasy » Sun May 17, 2015 3:31 pm
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Can't they just buy it direct for you?
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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Foggy

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Post by Foggy » Sun May 17, 2015 3:57 pm
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I can see no problem with them gifting you a modest car (which they can confirm if ever asked).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Michael Peoples

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Post by Michael Peoples » Mon May 18, 2015 9:20 am
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I see no problem at all but just advise your IP to keep everything right.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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Lisa Thomas

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Post by Lisa Thomas » Mon May 18, 2015 12:12 pm
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Just a thought - depending on where you are with your IVA is it possible your parents have funds to help you out with a F&F offer to complete the IVA early...?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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nevillebunny

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Post by nevillebunny » Wed May 20, 2015 9:19 am
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Thank you all. Will speak with my IP today.
Currently in an IVA. Not a Financial Professional, any comments expressed are just my opinion.
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Adam Davies

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Post by Adam Davies » Wed May 20, 2015 9:41 am
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Hi

Can't see any problems, as long as the money is a gift or the new car remains their property

Good luck
Andam Davies
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nevillebunny

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Post by nevillebunny » Wed May 20, 2015 5:12 pm
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Thank you all. Spoken to my IP today to keep everything smooth and all good. Thanks for the advise as always.
Currently in an IVA. Not a Financial Professional, any comments expressed are just my opinion.
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relieved33

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Post by relieved33 » Wed May 20, 2015 5:15 pm
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Glad it's sorted!
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