Posted: Thu Apr 19, 2007 11:34 pm
Hello to everyone on the forum
Any way, My iva went through tuesday this week... yipee 96% for me and 100% for the wife.
Part of our debt was owed to GE capital for our car so you guessed it the question is about the car.
The debt is around 8000 though the car is worth around three, As far as i know it was a loan agreement looking at the forms i have, my ip had a copy of the agreement too and agrees its just a loan agreement , there is nothing on it stating that the finance is tied to a car,also GE Capital have not asked for the car back nor has the IP asked for us to do anything with it.
It was included in our proposals as an asset and we asked to keep it as we need a car for work so obviously the running costs were included in our budget sheet.
So my question is could we sell the car? We still need a car so we would simply buy another but we want something smaller and more economical etc.
Should we ask our IP? Would a HPI check show there is a loan on the car although theres nothing in the agreement stating its tied to a car?Are we breaking the law if we sell it and buy another?
Sorry to go on ,just a bit confused on this and any help would be appreciated.
Thanks all and keep up the excellent work!
Rgds
Steve
Any way, My iva went through tuesday this week... yipee 96% for me and 100% for the wife.
Part of our debt was owed to GE capital for our car so you guessed it the question is about the car.
The debt is around 8000 though the car is worth around three, As far as i know it was a loan agreement looking at the forms i have, my ip had a copy of the agreement too and agrees its just a loan agreement , there is nothing on it stating that the finance is tied to a car,also GE Capital have not asked for the car back nor has the IP asked for us to do anything with it.
It was included in our proposals as an asset and we asked to keep it as we need a car for work so obviously the running costs were included in our budget sheet.
So my question is could we sell the car? We still need a car so we would simply buy another but we want something smaller and more economical etc.
Should we ask our IP? Would a HPI check show there is a loan on the car although theres nothing in the agreement stating its tied to a car?Are we breaking the law if we sell it and buy another?
Sorry to go on ,just a bit confused on this and any help would be appreciated.
Thanks all and keep up the excellent work!
Rgds
Steve