Parents buying me a car during my iva?

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Post by Mxlee8 » Tue Mar 19, 2019 9:22 pm
Hello quick question I'm 1 payment into my iva, this time next year my parents are in about buying me a different car roughly 4 - 5k can my iva company do anything about this? ( Swift insolvency)

I currently have a car worth 1000 on my iva, but it specifically states that it's not included.

How do I stand? Thank you


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Post by MerlinL14 » Tue Mar 19, 2019 9:56 pm
If your parents know about your IVA then I would be inclined for one of them to be registered on the V5 and then you just insure it in your name. You could pose this question to your IVA company, as it is clearly a gift it may be excluded as an asset.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues


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Post by Vince_100 » Wed Mar 20, 2019 1:36 am
Your name being on the V5 doesn't mean you own the car. This is stated on the V5 itself , so as long it states on invoice / receipt when car is bought that it's your parents you can prove the technically isn't yours and not your asset.


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Post by Mxlee8 » Wed Mar 20, 2019 7:32 am
Thanks for the replies guys! So pretty much when I get a receipt from the car being purchased a long as it states it's not me that has bought the car it makes no difference if the v5 is in my name?

Just want to be sure as the last thing I need is me loosing my car 🙈


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Post by Foggy » Wed Mar 20, 2019 7:40 am
The V5 states and records the registered keeper. As long as your parents physically purchase the car, in their names, and retain ownership it is not your car, but is being kindly provided by your parents for your own use.
The only issue could be if the running costs exceed those already agreed on the current vehicle --- the creditors might object to the increase.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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