Changing car in IVA

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Cath

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Post by Cath » Sat Aug 07, 2010 6:52 pm
I have been asking around with people I know, how much they pay for their car insurance and tax and everyone I have asked are paying less than me.

My car insurance is £50 per month I have full no claims bonus.

Tax - I dread to think what it might be now, I drive a 57 Vauxhall Vectra 1.8 Exclusive with 15000 miles on the clock.

If anyone is in the car know, would I be able to change to a smaller car ie Focus, Astra, that would save me on insurance and tax. I don't really need a car that size anymore.

Obviously I would need the approval of my IP.
7 year IVA completed in December 2016 - there is light at the end of that tunnel
 
 

Adam Davies

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Post by Adam Davies » Sat Aug 07, 2010 7:15 pm
Hi
I think you can safely change your car without the IP having to know, unless it was included as an asset in your IVA.
If you have any cash left over once you have sold and purchased a new car this surplus should technically go into your IVA.
Regards
Andam Davies
 
 

Cath

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Post by Cath » Sat Aug 07, 2010 7:28 pm
Thanks Andy, this car is expensive to run and if I could 'swap' it for a smaller one all would be good. Thing is the bigger cars appear to have a smaller value than the smaller models.

I kind of know a few people in the trade so will ask around.
7 year IVA completed in December 2016 - there is light at the end of that tunnel
 
 

MelanieGiles

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Post by MelanieGiles » Sat Aug 07, 2010 9:35 pm
Your IP is happy for you to change your car if you are finding it too expensive to run.
Regards, Melanie Giles, Insolvency Practitioner
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