Our iva was approved last year calculated on our situation at the time. We own a static caravan on a site open for 7 months where we live. The rest of the year we stay at friends/family. We own a home abroad that we rent out but we can't return there. Obviously we can't keep living like this. My question is if we sell the van will the iva company take the money as we will need money to try and rent privately and furnish it. Thannbk you for any help
I think the answer lies with your IP and I would definitely talk to him/her about this and say you would need the money from the caravan to put down as a deposit on a rental property.
I'm not sure what the answer will be, but I do wish you all the best and hope you can get a more permanent base to live.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi it depends whether the caravan was excluded from your IVA or not. If it was then you are free to do what you want with it. If it wasn't then you will need to liaise with your IP about keeping it. You might need to get creditors to approve this at a variation meeting.You will also need to consider when you move if your expenses go up and disposable income goes down as a result (say the rent is higher) then will you be able to afford your contributions?
Thank you. No it's not included in the iva as was brought cash a few years previously. I think we will have to talk to Knightsbridge just to be sure before we think of selling. Our outgoings will go up by renting a house but at our yearly review would this not be took in to consideration ?
Is your IP aware of the caravan ownership ? How do you fund the site fees at present ?
Do you have any idea on how much your caravan is worth .... it might be less than you think or more? Probably best you have an idea before speaking to IP as well as examples of rents in your area etc.
I would price up the goods required as essentials if you were to go onto rented too so this is already to update IP.
I would hope you were allowed to retaina proportion if not all to be used in setting up a new home ... let us know how you get on
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Take care - if you did not disclose it as an asset at the time of your IVA then you could potentially be in breach of your IVA terms for not giving details of all of your assets.
It should have been disclosed in the IVA but treated as an excluded asset.
As I said before if this is not the case then you will need consent of your IP and/or creditors to be able to keep the proceeds.
Thank you all for your advice I will contact them and find out exactly what our position is.They know we have the van and I guess its classed as a asset. All a bit worrying as really need a place to call home too old for sofa surfing
