will I lose my caravan in an IVA

[MelanieGiles]

Allen

If you have transferred an asset at undervalue to a family member, then the Official Receiver is very likely to look into this and possible claim that you still have an interest in the property.

And there is not an ageist policy with regard to IVA candidates, just a commercial and common sense approach. If your income is solely from pension monies, and you have no assets of material value, then bankruptcy quite possibly is a better option for you.

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

[allen_r]

Hi Mel,
We sold the house on 5yrs.ago before I even had the loans that are my main problem now.I only cleared £11,000 on the sale and as I said most of that went to clearing debt.
Allen(Ray)

[MelanieGiles]

So long as you were not insolvent when you effected the transaction, you may be out of the woods in a bankruptcy scenario - although it may be best to take some specialist legal advice before you petition.

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

[allen_r]

Hello again Mel,
In my first post,that started the big debate!I asked about my caravan.Well I think I have solved it,my daughter has offered to take over the van and the outstanding repayments but how will this sit with the OR In effect I have wiped £165pcm. off my outgoings and over £8000 off my debt.
Ray