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
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.
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
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
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.
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
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.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
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
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
