can you sell a car when you are in an iva

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1
 
 

ritateece

User avatar
Posts: 11
Joined: Wed Jun 20, 2012 11:02 pm
Location: United Kingdom

Post by ritateece » Thu Sep 02, 2010 10:52 am
can you sell a car when you are in an iva
mrs r teece
 
 

kallis3

User avatar
Forum Expert
Posts: 76942
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Sep 02, 2010 11:13 am
Hi,

Yes you can, but I imagine any money made from it after you have possibly bought a cheaper one, would have to be paid across to the IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

liamjames

User avatar
Posts: 734
Joined: Mon Jul 27, 2009 9:58 am
Location:

Post by liamjames » Thu Sep 02, 2010 11:24 am
Hi and welcome!

Make sure that your car is not an asset included in the IVA first - it will say in your Statement of Affairs and your Proposal, and your Chairman's Report will list any important modifications.

Assuming it isn't, then Kallis3 is probably right. You need to inform your IP before you sell the car and keep any receipts for the sale and and purchase of a new one.

:)
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

User avatar
Forum Expert
Posts: 76942
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Sep 02, 2010 12:03 pm
We had to send off a copy of the registration document before our proposal.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Thu Sep 02, 2010 1:42 pm
Why do you need to sell your car, Jess?
Regards, Melanie Giles, Insolvency Practitioner
 
 

flow13

User avatar
Posts: 1132
Joined: Sat Jul 19, 2008 8:46 pm
Location: United Kingdom

Post by flow13 » Thu Sep 02, 2010 2:42 pm
We sold ours a few months ago - the reason being we wanted to change from an MPV to a smaller more efficient car. However, we didn't really make much money as what we were given for the one paid for the other one. x
Its now time to start living and to make some some wonderful memories!
Read my blog at http://flow13.blogs.iva.co.uk/ 'Aiming for the finish line'
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”