www.iva.co.uk

My car is now on its last legs, It needs 2 new injectors £450 in the next 12 months, taxing at the end of March and a service, it is only worth £1000. I have £750 in savings towards these costs, and my good friend has said he will lend me the money to buy a new one and why don't we trade mine in and add the savings to it and buy a new Dacia (about £7k)and have no motoring worries. He is very well off and said I can pay him back once my IVA is completed and I can afford to. I have known him 35 years. My question therefore would be - would they class this as a windfall and confiscate the car? as it would be in my name? if I kept the car in his name, I wouldn't be able to get my insurance to cover it I believe?/ any advice would be appreciated

A cars owner doesnt have to be the registered keeper. The two can be quite separate.

inform your iva firm of your intentions.

Paul

What a generous friend. I am.sure if put in writing your friend is willing to loan you the money but no payment is due until after your IVA is finished your IP will be ok. Your savings of £750 are for you to do what you like with ... If you use these bear in mind you won't have a contingency to fall back on for a while.

This would ne deemed to be a gift and therefore outside the scope of the windfall provisions of your IVA.