Can I sell old car and buy a new one?

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martha955

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Post by martha955 » Sun Sep 12, 2021 9:56 am
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My partner I had an IVA and recently he has been having a lot of car troubles, enough that it’s no longer worth trying to repair it. He needs it to go to work, though.

We’re considering selling that car and buying a used one, around the same price.

Is that allowed with an IVA? Or would the money that he gets from selling the car be considered a windfall?
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Foggy

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Location: United Kingdom
Post by Foggy » Sun Sep 12, 2021 10:01 am
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As long as the car has been excluded as an asset, it should be OK. But always better to run it by your IP first.
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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