Posted: Mon Jun 11, 2007 5:58 am
If i have a car on hp and i send this back but my mom buys me another car and puts it in my name do my creditors have any say over the vehicle whilst i am involved in a iva?
If the car is in your name, then it is an asset to be dealt with within the IVA. I suggest that your mother retains ownership, and merely gives you the use of the vehicle for the duration of the IVA. Vehicles valued at £5,000 or less are unlikely to be affected under IVA proceedings.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk