Buying a car when entering into an IVA

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Enkhbat
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by Enkhbat » Wed Aug 08, 2018 7:19 am
Hello. I am about to enter to the agreement with iva. I need to buy a car for the work purpose. I would buy only a second hand car around £650-700. I also need to pay insurance in this case. How should I go about it please.
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MerlinL14
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by MerlinL14 » Wed Aug 08, 2018 7:55 am
If you are not yet in the IVA then go ahead and buy it now. As long as the car cant be seen as an asset and at less than £1k it won't be, you are pretty much OK. The running costs should be added as an outgoing when you and your IP calculate your I&E document, remember to add a cost outgoing for servicing as well as insurance, MOT and VED.
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Lisa Thomas
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by Lisa Thomas » Wed Aug 08, 2018 8:34 am
At what stage are you with the IVA?

Where are the funds coming from to buy it - If from savings then I presume the cash has already been disclosed as an asset in your proposals (if drafted)?
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Foggy
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by Foggy » Wed Aug 08, 2018 8:37 am
As above .. get it sorted now, before the IVA and speak to your prospective IP.
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kallis3
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by kallis3 » Wed Aug 08, 2018 9:11 am
I agree you need to get it sorted now.
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