Car question

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rae25
Posts: 33
by rae25 » Tue Jan 29, 2019 12:35 pm
Hi my beloved if slightly old fiesta is now dying and dad has offered to buy me a new car . I'm with creditfix and finding it difficult to get a real answer. The car will be nothing special so is my dad allowed to replace my car ?My name will be on log book but cash will leave his account. My dad still doesn't know about IVA and wish to keep it this way. Hope you can help.
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Foggy
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by Foggy » Tue Jan 29, 2019 12:45 pm
Your dad bought th car, Your dad paid for the car. Your dad owns the car. Your dad allows you to use the car.

The name on the log book is just the keeper not the owner.
rae25
Posts: 33
by rae25 » Tue Jan 29, 2019 12:52 pm
So what happens with my existing car as it is considered an asset albeit just £800. Car has always been mine never on finance and I'd be paying for insurance on the new one ?
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MerlinL14
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by MerlinL14 » Tue Jan 29, 2019 2:40 pm
If your existing car was never listed as an asset in the proposal then you can sell/dispose of it as you wish. Be aware though that if it goes for £500 or more then you need to make your IVA company aware of this as it may be deemed to be classed as a windfall and there will be outlines about his in your proposal.
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kallis3
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by kallis3 » Tue Jan 29, 2019 2:49 pm
You should be fine - just make sure your IP knows you have a new car and that it was a gift.
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