Get expert opinion. This is the place for new questions to be posted.
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little-roly
- Posts: 9
- Joined: Fri Feb 04, 2011 1:32 pm
- Location: United Kingdom
HI, My husband and I have been in an IVA for 2 1/2 years. We have 3 cars, which have been declared, due to one being wheelchair adapted for my job. The wheel chair adapted vehicle is in the process of being written off and we need to sell one of the others so we can afford to replace the wheelchair adapted one. Will the bank notify my IVA company of the money coming in from the sale of the car? I am worried that if I sell my car and the bank tell the IVA company then we won't be able to buy another one due to the IVA wanting the money.
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ginger323232
- Posts: 544
- Joined: Thu Jan 10, 2013 12:31 pm
- Location:
Little-roly - if the adapted car is needed - why not contact your IP firm and explain to them what has happened - discuss all your options with them
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Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
- Location:
I would just explain all this to your IP and I'm sure they'll be understanding. Best to keep them in the loop of changes, if you go down to two cars then your fuel allowance may be reduced, tax insurance etc., assuming you're receiving allowances for these.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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little-roly
- Posts: 9
- Joined: Fri Feb 04, 2011 1:32 pm
- Location: United Kingdom
Thanks for the replies. Obviously I plan to keep our IP updated with any changes but was just wondering if the banks can or have to say anything or is it nothing to do with them? Still trying to completely understand the implications of the IVA especially with regards to banking (had so much trouble getting a bank account!!)
