Am I able too sell my old car to reimburse my partner, not in an IVA, for a newer one ?

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Kate.w

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Post by Kate.w » Thu Jul 02, 2015 8:27 am
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Hi, I'm currently in 4 months into a IVA, I have a car which to be truthful is on its last legs & could do with being a little bigger as have a 2nd child on its way. My partner who is not on the IVA has offered to buy me a car which would be in my name, the cost of the car would be £1200 and once I have sold my car which is worth around £600-£700 I would pay him this and the rest of the monies would not be owed. I'm I able to do this??
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lifenoteasy

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Post by lifenoteasy » Thu Jul 02, 2015 8:43 am
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There should not be a problem and it sounds very sensible.
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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Michael Peoples

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Post by Michael Peoples » Thu Jul 02, 2015 9:25 am
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I agree. Let your IP know what is happening so it is on record but I see no problem at all.
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 » Thu Jul 02, 2015 10:21 am
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Hi Kate I agree with LNE and Michael - keep your IP in the loop but sounds like a good solution.
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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Foggy

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Post by Foggy » Thu Jul 02, 2015 11:34 am
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I also agree -- sounds like a good plan :-)
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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