Hi, I have a couple more questions following on from yesterday if you wouldn't mind sharing your knowledge again.
The car through Parkers was valued at £5,150 franchised dealer, £3,885 Private Good and £3,295 Private Poor. Which of these valuations would they use for an IVA?
Secondly, although the car is in my name, my husband uses it for work. Would it be ill advised to transfer ownership to him before embarking on an IVA?
Lastly, I have two creditors. if neither voted in an IVA, what would happen then?
Thanks so much again. I've felt constantly sick all day to day with worry but I know I need to do something now.
At that sort of value I doubt they will investigate, if they did I would imagine the Private valuations would indicate what you would get for the vehicle if you sold it.
If neither creditor votes, your IP should canvass them to get them to vote.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/
I had a car worth £8k no finance and was allowed in my 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.
Our car was never an issue when starting an IVA.
we had a family sized car which was needed because we have 3 children and all in carseats so needed the space. It wasnt on finance and it was needed for work and general tunning about as a family does.
It was never queried and although it was listed on our paperwork as an ‘asset’ it wasnt listed as claimable. I cant recall the exact terminology but the car was never an issue and we even managed to sell it during IVA and use money to get a new one because cost of repairs were stacking up. New car didnt affect our expenidture in regards to petrol costs/insurance so iva never impacted.
At the figures you state I would expect the car to be ok.
With the little amount I earn and with a repayment plan seeming to be able to go on forever until the debt is paid (at least that seems to be what happens reading between the lines) I think I'd rather have a firm end date. 22k of debt and I get paid between£400 and £700 a month depending on the month. Minus my bills and living and there's not much left.