Page 1 of 1
Posted: Fri May 02, 2008 11:26 pm
by starboy
i have been in iva 17 months .my car is in a iva things are going wrong all the time.i needto repair it but it will cost around £900am aloud to get it fixed ..it is worth £1400 can i not sell it and get car for that price
Posted: Sat May 03, 2008 6:21 am
by luluj
You can sell it and replace it with one of similr value - they may ask where the additional has come from - so be prepared to confirm this - I know I was able to build up a small contigency to put towards car replacement over a few months and this helped.
Posted: Sat May 03, 2008 11:07 am
by MelanieGiles
As your car has probably been treated as an excluded asset for the purposes of the IVA, it is yours to sell if you want to.
Posted: Sat May 03, 2008 11:45 am
by starboy
i forgot to say the car is on finance.does this change things
Posted: Sat May 03, 2008 11:47 am
by MelanieGiles
Well if you sell it you will need to clear the finance first, so will this leave you with enough money to buy a replacement?
Posted: Sat May 03, 2008 2:28 pm
by starboy
Thanks for your reply.if a paid off what is outstanding on the car i could not afford a car