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
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Me as well - hopefully you will be able to fund another car.
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
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.
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
