Cheque for a written off car

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mummawit
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by mummawit » Wed Jan 23, 2019 7:01 am
Our car has recently been written off and we have been sent a cheque as payment. Does anyone know how much of the money we would have to put into our IVA. I'm really not sure how it works
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Foggy
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by Foggy » Wed Jan 23, 2019 8:46 am
It depends on what you intend to do with the money (as well as your IP). I have seen similar posts on here in the past where, as long as the money was used to purchase a like for like replacement, the money was wholly retained by the debtor. If you do not intend to replace the car the money could be regarded as a windfall and, if over £500, all of it payable into the IVA.
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MerlinL14
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by MerlinL14 » Wed Jan 23, 2019 9:03 am
I agree with Foggy.
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kallis3
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by kallis3 » Wed Jan 23, 2019 9:05 am
Me as well - hopefully you will be able to fund another car.
mumof3
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by mumof3 » Sun Jan 27, 2019 8:46 am
I had this happen in October last year. We were able to keep all of the money to purchase a similar car. The IP even allowed my parents to top up the money (as a gift) to be able to purchase a car.
The only thing i’m worried about now is my car insurance is due for renewal in March and I’m scared at how much the monthly cost is going to jump too! I’ve never had an accident before.
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kallis3
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by kallis3 » Sun Jan 27, 2019 11:28 am
Fingers crossed it's not too expensive!
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