I have an IVA. Im about to have my first annual review. I sold a lot of goods and have about £1200 in my account which I have had for about 10 months. I never told my IP as I assumed I didnt have to.
Will I be penalised for this and breach my IVA?
I assumed selling my own goods and saving the money for an emergency would be acceptable.
Selling your own goods is OK as long as this £1200 is made up of loads of smaller items --- if you sold, say, a limited edition print for £1,000 I think your IP would argue that this was disposal of an asset and the money should go to the IVA. But, old clothes, the iron you never use anymore and stuff like that should be no problem.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree that you should be ok as long as it is not a business.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
During our IVA I sold alot of our things such as vinyl albums, CD collections etc ... I declared the money at annual review time but showed them my paypal transaction log and it was fine as it was small amounts here and there over a period of time.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The way I got around this was to use a Cashplus card. This is a prepaid credit card but has the benefit of having a sort code and account number.
You can use this to directly remove funds from Paypal and no need for anything to touch your bank account.
Not that I had anything to hide. Far from it! Just disposing of old stuff for a bit of extra cash here and there.
But it kept things simple and clean.
I would exercise caution regarding what you sold. If it was an asset of considerable value (not sure where the threshold is) then it should've been declared up-front as part of the IVA. If you acquired it after the IVA started (e.g. a gift or inheritance) then it should've been declared as an "after acquired asset" when you acquired it.
But if your just selling your old stuff then I see no problem.
