I entered into an IVA earlier on this year, my car is 15 years old and starting to have problems and needs upgrading. The car is not an asset including In the IVA. A family member has said they can potentially gift me a new car or lend me the money for new car, (nothing expensive car wise just upgrade and newer then what I have now) do I need to inform IP even though my car isn’t an included asset?
Mine was excluded (eBay banger) and I changed it a couple of times -- never mentioned it to the IP, as tax, insurance and running costs remained the same --- if any of those increase you might have to meet the difference yourself from other allowances.
As far as the IVA is concerned a family member can 'gift' you a modest car --- but you cannot borrow the money from them unless they agree to defer repayment until after the IVA finishes. Easier and less need to tell anything if they just 'gift' it to you --- if you later decide to repay the gift after the IVA has ended, it is no concern of your IPs.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
So when you changed your vehicle and didn’t tell them coz all the costs are the same which mine would be ! Did they ever ask you if you still had the original car that you had when you entered the agreement ?
Mon May 13, 2019 7:26 pmmollie963 wrote:
Thank you for your reply !
So when you changed your vehicle and didn’t tell them coz all the costs are the same which mine would be ! Did they ever ask you if you still had the original car that you had when you entered the agreement ?
It was never mentioned again by my original IP, nor by the new one ( I changed firms during the arrangement). Some IP's might keep cloers tabs on things, but, being excluded, I don't see that it would be an issue.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Getting a new car due to current car needing repairs.
The car is being bought for me. Do I need to let me CO know as it won’t affect any payments or any change in circumstance
Just trying to get some more advice about getting a new car during IVA.
I am getting a new car as mine is 15 years old and needs replacing now as it needs more work doing to it.
The car is being bought for me but it’s worth about £4000 compared to my current one worth £1200. My car is not an asset included in the Iva
Do I need to inform my CO of the change ?
Thanks
Sorry tried to delete some of the posts but couldn’t .
Would the ‘gift’ of a new car not be classed as windfall because obviously the new car is of more value than the old one?
Thanks
Tue May 14, 2019 3:51 pmmollie963 wrote:
Sorry tried to delete some of the posts but couldn’t .
Would the ‘gift’ of a new car not be classed as windfall because obviously the new car is of more value than the old one?
Thanks
The person who buys the car can retain ownership, even if the registration document is in your name ( that is only the 'keeper', not the owner).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
