Sold and bought a car on finance without telling my IP

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sandy860

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Post by sandy860 » Sun Aug 25, 2019 1:27 pm
I’m in a Trust deed, and I sold my vehicle which was on hire purchase to pay off mortgage arrears and settled the finance. I was left with nothing spare after selling

I used a car which was leased through my partners work afterwards, this recently went back and I’ve bought another car on HP

Foolishly I never realised I couldn’t sell the first vehicle or buy the 2nd without permission from my IP

Will my trust deed fail at its final review next year

All payments are up to date and never missed

kallis3

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Post by kallis3 » Sun Aug 25, 2019 2:26 pm
I have no idea on this as a Trust Deed is from Scotland and so possibly different to an IVA. You need to speak to your IP.

Surprised you could get another vehicle on HP.
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sandy860

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Post by sandy860 » Sun Aug 25, 2019 2:34 pm
It was surprisingly easy, not crazy apr either

kallis3

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Post by kallis3 » Sun Aug 25, 2019 2:40 pm
Nothing to stop you from selling your vehicle but proceeds should have gone to your creditors.

As I say - things are different in Scotland.
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.
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sandy860

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Post by sandy860 » Sun Aug 25, 2019 7:43 pm
There was no proceeds, as such, the outstanding finance was settled and the arrears on my mortgage paid off, I was personally left with nothing after the sale.

It was either this or I faced losing my home

kallis3

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Post by kallis3 » Sun Aug 25, 2019 9:14 pm
You need to sort this with your IP.
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

luluj

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Post by luluj » Mon Aug 26, 2019 3:23 am
Starting point is to talk to your IP. If you can show the sale of the vehicle was used to bring your mortgage up to date to.jetp a roof over your head you should be ok on that element, however then getting a new line of credit may not be deemed to have been the most sensible of options.

I would look deeper to establish why you got into arrears with your mortgage- are your allowances not set realistic? Review these too to ensure it doesn't happen again.
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sandy860

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Post by sandy860 » Mon Aug 26, 2019 6:49 am
I got into arrears as I lost a bit of work a few years back and things spiralled from there.

Things are in a much better place now

sandy860

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Post by sandy860 » Mon Aug 26, 2019 8:20 am
This morning after posting this yesterday, I tried to call my insolvency practitioner, only to find out that the FCA closed them down in April

I’m not sure where I stand here, I’m still paying into my Trust Deed/IVA and it’s due to end in January.

I fear the worst if I’m honest

kallis3

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Post by kallis3 » Mon Aug 26, 2019 9:00 am
Your file will have been passed onto a new company. Check the Insolvency Register to see if the new details are on there.

As a matter of interest, which was your original company?
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

sandy860

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Post by sandy860 » Mon Aug 26, 2019 9:18 am
AG taggart & co in Glasgow

kallis3

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Post by kallis3 » Mon Aug 26, 2019 9:19 am
Must admit I've never heard of them - have you checked the register?
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

Foggy

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Post by Foggy » Mon Aug 26, 2019 10:23 am
The FCA advise this contact:

For more information concerning this matter generally, please contact Rachel Fasanya at theAuthority (direct line: 020 7066 3202)
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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