Cheque for a written off car
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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.
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.
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.
6 posts
Page 1 of 1
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