Selling my car

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Mpbmpb

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Post by Mpbmpb » Sun Jan 20, 2019 9:36 am
My car is low value £2000 and is listed as an asset on my Iva . It’s proving expensive to run fuel etc . If I was to change my car for something of a similar price or less ? Do I have to let my Iva company know ? It’s not on finance . Thanks again

Foggy

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Post by Foggy » Sun Jan 20, 2019 10:24 am
As it is listed as an asset, yes, you do need to keep your IP in the loop.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Radish

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Post by Radish » Sun Jan 20, 2019 11:10 am
If you sell on eBay, everything you make is your own. Surely a car comes under this category. I must admit the assets thing of what you can sell and keep confuses me a little?
IVA complete March 2014 after 6 years.

Foggy

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Post by Foggy » Sun Jan 20, 2019 11:20 am
Radish wrote:
If you sell on eBay, everything you make is your own. Surely a car comes under this category. I must admit the assets thing of what you can sell and keep confuses me a little?
If it is listed as an asset of the IVA, you keep it in your possession, but if you dispose of it the proceeds belong to the creditors, unless otherwise agreed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Radish

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Post by Radish » Sun Jan 20, 2019 1:45 pm
Foggy wrote:
Radish wrote:
If you sell on eBay, everything you make is your own. Surely a car comes under this category. I must admit the assets thing of what you can sell and keep confuses me a little?
If it is listed as an asset of the IVA, you keep it in your possession, but if you dispose of it the proceeds belong to the creditors, unless otherwise agreed.
Think mine was £30 scrap haha :lol: :lol: :lol:
IVA complete March 2014 after 6 years.

Foggy

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Post by Foggy » Sun Jan 20, 2019 2:19 pm
Radish wrote:
Foggy wrote:
Radish wrote:
If you sell on eBay, everything you make is your own. Surely a car comes under this category. I must admit the assets thing of what you can sell and keep confuses me a little?
If it is listed as an asset of the IVA, you keep it in your possession, but if you dispose of it the proceeds belong to the creditors, unless otherwise agreed.
Think mine was £30 scrap haha :lol: :lol: :lol:

All of mine were -- I got through on ebay bangers !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Mpbmpb

Posts: 12
Joined: Mon May 14, 2018 8:59 am

Post by Mpbmpb » Sun Jan 20, 2019 3:55 pm
Foggy wrote:
Radish wrote:
Foggy wrote:

If it is listed as an asset of the IVA, you keep it in your possession, but if you dispose of it the proceeds belong to the creditors, unless otherwise agreed.
Think mine was £30 scrap haha :lol: :lol: :lol:

All of mine were -- I got through on ebay bangers !
:) perhaps I’ll just hold onto the car nothing wrong with the car just heavy on fuel (something you don’t notice when you are putting fuel in with a credit card )! But those days are gone . 6 months into Iva and things are ok so far ! Definitely more relaxed ! I hardly see the postman these days used to be regular delivery of credit card statements
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