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
If the car value is only £1500 creditor's won't be interested. If the car value was say over £7000 they possibly would ask that its sold and a cheaper vehicle purchased.
They may asked about the car finance you took out though so be prepared to explain that part.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
