Selling car if given a company car?

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spent too much

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Post by spent too much » Thu Sep 02, 2010 9:45 pm
Following on from a previous topic:

If I was given a company car and subsequently sold my own car, what would happen to the proceeds of the sale?
 
 

kallis3

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Post by kallis3 » Thu Sep 02, 2010 9:58 pm
As far as I am aware, the proceeds would go towards your IVA.
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
 
 

liamjames

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Post by liamjames » Thu Sep 02, 2010 9:58 pm
Generally speaking, you would probably be allowed to keep the funds if the car was not included in the IVA.

But if for whatever reason you lost the company car during the IVA, your creditors would probably be very reluctant to defer payments so you could buy a new one.

:)
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

Adam Davies

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Post by Adam Davies » Thu Sep 02, 2010 10:02 pm
Hi
It will depend if your car was an excluded asset from the IVA.
It could also depend on the amount involved and your IPs discretion
Regards
Andam Davies
 
 

kallis3

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Post by kallis3 » Thu Sep 02, 2010 10:05 pm
I'm sure that I would have to pay mine across. We had to send a copy of the registration document when we started the IVA. It's not mentioned in the proposal or chairmans report but surely anything gained from selling a car would need to be paid across.
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
 
 

spent too much

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Post by spent too much » Thu Sep 02, 2010 10:09 pm
Crikey, nothing is ever black or White is it?
 
 

liamjames

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Post by liamjames » Thu Sep 02, 2010 10:13 pm
spent too much wrote:

Crikey, nothing is ever black or White is it?
Haha - yes, it's always black and white, but unfortunately every IVA is different! :)
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

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Post by kallis3 » Thu Sep 02, 2010 10:14 pm
It is all individual. You need to speak your IP about this.
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
 
 

MelanieGiles

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Post by MelanieGiles » Thu Sep 02, 2010 10:35 pm
Andy is correct - if the asset was excuded it is yours to deal with as you choose - I'd recommend setting up a savings account.
Regards, Melanie Giles, Insolvency Practitioner
 
 

spent too much

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Post by spent too much » Thu Sep 02, 2010 11:14 pm
Thanks for the replies.
Just checked and it is excluded, just need my company to sort itself out! (may be a few months yet though!)
 
 

Shining

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Post by Shining » Fri Sep 03, 2010 7:46 am
There's a bonus for you and a nice little contingency pot. Hope it works out positively for you x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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