Selling car to offer lumpsum 3 months into IVA

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Post by danyal » Sun Feb 18, 2018 4:51 am
I hope to get some help here

I have been on iva since december so its been only 3 months since iva approved. My origional debts were aroud 23000. I was approved on basis of 100 pound per month for six years

My question is

I have a car which is known by my ip and i used that car for work purposes
Now that i have tried to find jobs too and failed to do so. My family back home suggesting me to come and try luck back home and look for some job. I have my marriage planned by family in august and based on my earning there is no way that i can bring partner here as minimum earning a year should be £18600.

I have only way to take a break and go back until i manage to get a good job here which at this stage seem a bit difficult as i tried

My estimated payment to iva in 6 years will be 7200 while if i sale my car i will possibly get 7000 or around. Is that gonna be a gud idea that i can offer a lum sum of 7000 to creditors to complete iva before i can go back. And also if iva is on these basis complete and if after a year or so my financial situation improve is it gonna effect iva again.

Please help


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Post by Foggy » Sun Feb 18, 2018 9:47 am
Hi -- Given the circumstances and a high chance that you will be unable to pay the IVA in the future, this seems like a good plan. Get agreement first, before selling the car.

If you make this offer and it is accepted you will be released from the IVA soon after making the payment. You will still need to wait for the completion certificate, which could take a few months. After that all of your money will be your business (except PPI, if you claim any).

Best of luck.
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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