Updating an asset

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sarah519

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Post by sarah519 » Mon Jul 02, 2018 5:58 am
I have an Iva to which my car is against it if I do not make a payment. However my dad has sold my car & brought me a new one. Can I just update the asset if I do not make a payment?

Foggy

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Post by Foggy » Mon Jul 02, 2018 8:45 am
I do not understand what you mean about payments ? Do you mean that payments towards the car (HP or PCP) were not included in your expenses? And, because your dad is buying the new one, you will not be making payments on the new car ?
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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kallis3

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Post by kallis3 » Mon Jul 02, 2018 9:01 am
Agree with Foggy - we need more info.
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.
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Lisa Thomas

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Post by Lisa Thomas » Mon Jul 02, 2018 10:58 am
If you have sold your car the proceeds were probably due to be paid into the IVA pot, unless you got permission from your IP to use the proceeds, together with the gift from your Dad to buy you a newer model.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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