My husband and I have a joint IVA. I need a new car (mine is 10 years old, worth £300 max, on its last legs and I need it for work - community nurse) and my parents have offered to give me a large amount of money towards a new one. I would need a reliable car so not very cheap. When declaring this to my practitioner, would they need this in writing from my parents? My parents are unaware of our IVA. Thank you.
Anna
Much will depend on how helpful your IP is as to how this would be treated. Most advice would be NOT to accept cash to then buy a car with. As soon as a large sum of cash hits your account it will belong to the creditors and be lost to the IVA ! Better that your parents gave you a car not cash. As far as everyone is concerned they bought a car for you to use. They paid for it, it is their car. You are still allowed to be the registered keeper on the V5. As long as the insurance and running costs remained about the same as now, I doubt the IP would even become aware.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy - let them buy it and after your IVA is finished the V5 can be changed to you.
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
