Updating an asset

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sarah519
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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?
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Foggy
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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 ?
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kallis3
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by kallis3 » Mon Jul 02, 2018 9:01 am
Agree with Foggy - we need more info.
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Lisa Thomas
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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.
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