Will the IVA be happy with change in car

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Wolfey81
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by Wolfey81 » Mon Jul 23, 2018 9:48 am
I'm just setting up a new IVA and my car has now broken down and I have already spent out £1100 on it this year to keep it going. I've decided that its now time to scrap my car and my parents have said I can you their car they do not use. I will still need to pay the tax and petrol so my car expenses will be the same and maintenance required I will have to pay for as well. So all will be the same regards to money etc but just need to know if the IVA will be happy with this and will I need to tell them about it?
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Foggy
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by Foggy » Mon Jul 23, 2018 9:54 am
If the car has been listed as an asset, you will need to tell them about the change. If it has been excluded and nothing else will change I shouldn't think they would be interested.
Wolfey81
Posts: 3
by Wolfey81 » Mon Jul 23, 2018 10:07 am
Thank you for your reply.

It is listed as an asset but is only down as £350 (IVA value). I did think that I needed to tell them, I think I just need to understand if they would be happy with my proposal with my parents car. Same outgoings etc just different car.
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luluj
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by luluj » Mon Jul 23, 2018 7:39 pm
I am sure they will be fine - your outgoings remain the same and so long as the car is not worth thousands of pounds they won't be interested.
Wolfey81
Posts: 3
by Wolfey81 » Mon Jul 23, 2018 7:44 pm
Thanks. Will give them a call.
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