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Posted: Thu Jun 28, 2012 6:29 am
by Paul.54
ok next question is as the car and bike are on hp when / if i take out an iva will i be able to sell them to get cheaper ones
Posted: Thu Jun 28, 2012 9:18 am
by Shining
Hi Paul. No idea I'm afraid, but will bump this up for another poster to comment on. x
Posted: Thu Jun 28, 2012 9:20 am
by Niobe
I think that HP will have to be paid off before you sell them but I could be wrong.
Posted: Thu Jun 28, 2012 10:06 am
by plasticdaft
if they were included as assets on the IVA then any cash you make trading down may be gathered by the IVA.
Posted: Thu Jun 28, 2012 11:05 am
by Michael Peoples
You need to check the agreements to make sure they are actual HP. It is highly likely that one or both loans is actually unsecured.
Posted: Thu Jun 28, 2012 11:49 am
by Adam Davies
Hi
If the finance is not secured on the car/bike you are free to sell if you wish.If you are in an IVA you may need to pay the money that your receive, or the difference if you buy a cheaper car/bike, into your IVA
Regards
Posted: Thu Jun 28, 2012 12:11 pm
by MelanieGiles
Wny would you want to sell the vehicles to get cheaper ones? Are they worth a lot of money? If not, I would tend to stay with what you have got as they do need to last the five years of the IVA duration.
Posted: Fri Jun 29, 2012 1:54 am
by Broke of London
Good vehicles will be vital for your sanity. Lots of us live in fear of MOTs and repairs on old cars.
Posted: Fri Jun 29, 2012 3:24 am
by baldy
Yeah not sure if its a good idea trading in cars and bikes for older models.
Im guessing the payments might be factored into the budget? Have a chat before parting with any of them!
The better the car and Motorbike the better it is to get through the 5/6 years.
Would love a new bike but looking after the one ive got and she saves me loads of money in petrol and running costs.[:D]
baldy