www.iva.co.uk

in an iva if you dont declare some assets how can they find out about them, if their is no record of them, when i say assets i mean only small things, ie my wife and i are going into a joint iva, she has a car which our family use, but we also have a car that belongs to her mother, the reason for this is becouse her mother is a little disabled and cant get into our vehicle,as its high being a landrover, although her mother payed for the car the wife has to have it registered in her name for insurance reasons, what do we do.

Hi Ray

You must always declare all of your significant assets if you are entering into an IVA. By significant, I do not mean standard household goods such as your Cooker, sofa, TV and Sterio. However, a car is a significant asset and must be declared.

In the case you describe below, I do not think you have any issue to worry about. I assume you have already declared the car which belongs to your wife which you must do.

In terms of the car that belongs to your wife's mother, if it truely does belong to her there is no reason to declare it. However, in your case as it is registered in your wife's name, to be totally covered, you should declare this in your IVA proposal. As long as your wife's mother paiys for all of the running costs of the car, I can not see that there will be any problem.

Note, if you or your wife do pay for any of the running costs of the car and want them to be included in your monthly expenditure calculation, then you would have to declare the existance of the car and justify why you and your wife are bearing this cost. Otherwise the creditors will question their validity.


You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
James Falla
www.thomascharles.com

if i dont declare the car in the iva, how would they find out about it, i mean are all your personel records checked on a computer or what, sat for instance we had say 2 horse and a motor bike if they are not declared how would an iva ip or creditor know about them

They probably would not find out,however if they did once you are in an IVA then they could fail your IVA and bankrupt you.You,d be worse off than ever and any money you had paid in would be kept by your IP to cover their fees.It could even be worse as rule 5.30 of the Insolvency act 1986 states that procuring a Voluntry Arrangement by fraud or misrepresentation is an imprisonable offence!!!
My advice................be totally honest and upfront
Regards

Hello,

You must disclose all of your debts and assets to the insolvency practitioner (IP) acting as your nominee.

You are legally required to make a full and honest disclosure of all your assets. If a creditor sees that you have a luxury item that you are not prepared to include and do not have a good reason (for example sentimental value ) then they may not support such a proposal.

Remember if you do not tell your creditors that you have a valuable asset when they agree your IVA they could ask the Court to cancel it subsequently.

If you are at all concerned about this issue, one of our advisors will be happy to give you more information.


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

Hello

All the responses above are correct, you must disclose ALL of your assets and liabililties in your IVA proposal and to your IP, failure to do so is a CRIMINAL offence.

An IP has certain powers of investigation, when putting together an IVA proposal they will ask for a lot of information, but there will be certain assets that the IP will not be able to identify. Clearly the IP is heavily reliant upon the information provided.

In your scenario presumably there is no evidence of the other car in the documentation you have provided to the IP? As James Falla says if there is an element of expenditure related to that asset, such as the car insurance, this will need to be explained to creditors.

Hope this helps

AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.

so what accumagroup are saying is i must be completely honest which i will be, but my ip relies on my information only, so he cant realy tell if i have say another car, a cow, a horse a caravan, unless they see me with it, or unless i declare it and the same with my creditors,

What you need to remember is that your creditors have access to significant amounts of electronic information. If they believe you have witheld a significant asset they and were of a mind to persue it they could.
Your credit report and the previous applications made disclose information. All insurance companies share information about both insured assets and previous insurance claims. The DVLA and HPI maintain records of all vehicles registered to an individual.
So far that covers the car, motor bike if registered or insured together with the horse and cow if they are insured against injury.
When buying any of these assets using money that entered a bank account an audit trial exists.
This is assuming your creditors are of a mind to persue you of course................

Hello

Yes you must be completely honest with your IP - I would say this is the key to a successful IVA. How can your IP provide you with the best advice if you have withheld information?

As commented by Storm above, there are ways an IP can find out if you have not disclosed an asset or liability. In my experience it doesn't take long before information like this is discovered, so if the IVA is going to work it is important to be honest from the start.

Hope this helps


AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.

you guys know your job and i thank you for taking the time to answer my questions,and i respect the answers you gave, thank you for taking the time to read my questions

Ray,
I second Accuma's comment. You must always be 100% honest with your IP. After all, the whole point of an IVA is regain piece of mind. You are not going to achieve this if you have a niggling little worry in the back of your mind that you have not disclosed everything which could later come to light and possible fail the agreement

I am glad you have found this site useful. I hope things work out well for you.

You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
James Falla
www.thomascharles.com