Hi. I’m in the process of setting up an Iva but am concerned that I will lose my car , as it’s been listed as an asset and valued . It’s under £1500 but one of the creditors was a car loan , but not for that car , is it safe or should I change owners on the log book to another family member , or will that be in breach of the agreement?
It is a listed asset and therefore cannot be transferrd to another person. It is unlikley that the creditors will want the vehicle the value at auction would probably be a couple of hundred quid, if that, so not worth bothering about.
Incidentally -- the name on the log book is not the owner, but the keeper.
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