woul I have to sell my motorbike if I have an IVA?

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craig.t

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Post by craig.t » Tue Jul 31, 2007 3:29 pm
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i currently have a motorbike, if i had a IVA would this mean i would have to sell the bike?
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iva_squirrel

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Post by iva_squirrel » Tue Jul 31, 2007 3:48 pm
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Hi craig.t and welcome to the forum,

You wont have to sell you bike as long as it is of reasonable value.
I would check the loan agreement (if you have one)to ensure if it is a hire purchase. If it is a secured loan you will have to continue the payments, if not you can include it into the IVA.

Regards,
Michelle P.
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iva experts

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Post by iva experts » Tue Jul 31, 2007 4:34 pm
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Welcome to the Forum Craig,

It all depends on how much your bike is worth, as you can imagine it would not be worth the creditor’s time going after this if its value is minimal.

Is your bike your only means of transportation? To and from work etc? If so this would make a good argument as to why you need the bike.

Best Regards. IVA Experts
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
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Oliver

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Post by Oliver » Tue Jul 31, 2007 4:35 pm
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Do you have a car and a motorbike?!!

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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MelanieGiles

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Post by MelanieGiles » Tue Jul 31, 2007 6:10 pm
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Good question Ollie! I often have clients who own a car and a motorbike, and I am afraid that if this is the case, then one will have to go! If, however, this is your only means of transport, it is unlikely to be touched unless it is of excessive value.

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
Regards, Melanie Giles, Insolvency Practitioner
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