Selling car to move abroad

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Post by jawad » Mon Nov 01, 2021 8:44 am
I will probably be moving out of the UK soon for work and have a car that is on finance (HP) that I will be selling when I move, my question is: Will I have to pay the amount I receive i from selling the car into to the IVA? or will I be able to keep it so I would be able to buy a car in my new country of residence?


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Post by Foggy » Mon Nov 01, 2021 9:04 am
I imagine that you would be able to use the money to fund a new car, but, in the meantime, your IVA payments will, likely, be increased by the amount you no longer pay in HP. It is best to discuss these sort of things worth your IP before doing anything, to avoid any surprises on both sides, and getting whatever is agreed in writing.
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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