I'm hoping to talk to people, "off the record", who have applied for an IVA, and where one of the creditors has insisted on the sale of their car as a condition of them voting in favour of the IVA. We have a number of cases involving a large bank who have requested that our customer sells their car (essential to get to and from work and which is of modest value), and pays all the proceeds of the sale to them! To add insult to injury, the original loan was not even to buy the car. Because of this stance, some customers may be forced to go bankrupt to keep the car, rather go bankrupt.
I have a journalist who is interested in speaking to people in this situation, so if you are interested please give me a call on *number deleted.*
Nick Pearson
*Addresses and telephone numbers are not allowed in posts. If anyone needs to contact you, they can do so via the Blair Endersby site.
Last edited by Nick Pearson on Tue Jan 13, 2009 12:40 pm, edited 1 time in total.
I rarely ever see this to be honest, but I have asked my Supervisory manager to do a quick trawl today and I will e-mail you.
I know the bank you are referring to, and it seems that they have a general bar to voluntary arrangements generally, which clearly is not in accordance with the IVA protocol.
I am aware of a couple of cases, whereby creditors have requested the sale of a car, but they have permitted the debtor to keep a proportion to buy a replacement.
Part of our car was to sell my 56 plate C1 and add £3500 into the IVA within three months of the IVA starting - the balance of what we sold the car for was then used to purchase a replacement vehicle - this was £1750.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
We have a 55 plate Skoda Octavia, complete with personalised number plate (one of DVLA's cheaper ones) and we were allowed to keep both.
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
We had to sell my C1 as hubbie has a 06 Meriva that we had just bought prior to deciding enough was enough - we had alrready downgraded his car from an sri Astra - at least we were able to keep a second car due to our jobs whatever the age of my old banger !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Melanie and Nick - please advise name of Bank asap.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I had a year old Renault Megane with a private plate and I was able to keep (I did however need a reliable car) as I use my car everyday for work and do over 15000 miles per year.
Karen x
On the slow safe road to success. Personal thanks to Melanie Giles Kallis Skippy Elv5 and all the other wonderful forum friends.
Thanks Melanie - look forward to hearing who they are!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
