Will I be able to sell car and bike and get cheaper ones ?

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Paul.54

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Post by Paul.54 » Thu Jun 28, 2012 6:29 am
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ok next question is as the car and bike are on hp when / if i take out an iva will i be able to sell them to get cheaper ones
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Shining

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Post by Shining » Thu Jun 28, 2012 9:18 am
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Hi Paul. No idea I'm afraid, but will bump this up for another poster to comment on. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Niobe

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Post by Niobe » Thu Jun 28, 2012 9:20 am
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I think that HP will have to be paid off before you sell them but I could be wrong.
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plasticdaft

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Post by plasticdaft » Thu Jun 28, 2012 10:06 am
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if they were included as assets on the IVA then any cash you make trading down may be gathered by the IVA.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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Michael Peoples

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Post by Michael Peoples » Thu Jun 28, 2012 11:05 am
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You need to check the agreements to make sure they are actual HP. It is highly likely that one or both loans is actually unsecured.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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Adam Davies

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Post by Adam Davies » Thu Jun 28, 2012 11:49 am
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Hi

If the finance is not secured on the car/bike you are free to sell if you wish.If you are in an IVA you may need to pay the money that your receive, or the difference if you buy a cheaper car/bike, into your IVA

Regards
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Thu Jun 28, 2012 12:11 pm
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Wny would you want to sell the vehicles to get cheaper ones? Are they worth a lot of money? If not, I would tend to stay with what you have got as they do need to last the five years of the IVA duration.
Regards, Melanie Giles, Insolvency Practitioner
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Broke of London

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Post by Broke of London » Fri Jun 29, 2012 1:54 am
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Good vehicles will be vital for your sanity. Lots of us live in fear of MOTs and repairs on old cars.
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baldy

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Post by baldy » Fri Jun 29, 2012 3:24 am
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Yeah not sure if its a good idea trading in cars and bikes for older models.

Im guessing the payments might be factored into the budget? Have a chat before parting with any of them!

The better the car and Motorbike the better it is to get through the 5/6 years.

Would love a new bike but looking after the one ive got and she saves me loads of money in petrol and running costs.[:D]

baldy
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