Just a quick question on IVA .
I am 14 months into an iva and have my own car that I was allowed to keep at the iva start up . It is 10 years old and not worth much (£2000). I have been offered a company car through work . If i accept the car from work and sell my own would this be classed as a windfall as they new i had the car at the start of the iva and this money will help redress the balence of company car tax etc .
Hi
I don't believe that it would be classed as a windfall so it is yours to keep. You will need to adjust your income and exenditure details as although you will have less take home pay due to the car tax you should make savings on car running costs. This change should be made at your annual review but it may be prudent to inform your IP now of the change
Regards
I informed my supervisor a week ago that this was the case and I was told by there admin that it was a windfall . I have put it to them that it could not be classed as this as they already knew I had the car at the start of the arrangement . My supervisors admin has now said no its not but it still leaves me a little unsure .
I've had similar issues speaking with my 'case officer'
After indecisive and vague responses to important questions I asked was there not a precedent for these particular issues.
Didn't know what I was talking about.
Put it another way - did written guidelines exist to give definate answers. - no as every case was different - but she said one would be useful!
I've found my 'case officer' to be well trained in fake empathy/sympathy, but little else.
During our hour long conversation I was put on hold three times for answers to be sought!
I was always under the impression that if you sold a car, any money made on it would have to be paid across to the IVA. I know we had to send a copy of the registration document across when we set ours up. Don't know why.
We have always had excellent service from our Case officer at Payplan.
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. http://kallis3.blogs.iva.co.uk
Does the car not fall under the same rules as being able to sell your own belongings that you owned pre IVA?
We too had to send in a copy of our log book, I think this was because we are still paying for it and eventually when it is payed off, the monthly payment is added on to our IVA. Don't understand why they would need a copy if you don't owe anything on it.
I had to send Payplan a copy of my Registration Document even though the car was paid for. I assumed they wanted it to check the value of it as this was then stated in the Proposal that it would be excluded.
Although they could have wanted to check that I wasn't hiding a Ferrari instead of the claimed tatty old Fiesta! [:D]
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. http://kallis3.blogs.iva.co.uk
Seems a very grey area to me and interpretation is entirely down to who you speak too .
My car was fully paid for and I only sent off the licence number at the start of the agreement for valuation purposes.
Still unsure and gonna hold off i think until I can actually tie my supervisor down to a yes or no . It will balance out in terms of cost anyway through increased tax and decreased running costs and will surely benefit all involved as there can be no nasty suprises on servicing/mots etc .
If I were to lose my job for any reason I would have to hand the car back and be in a worse position as I would have no private car .
I am sure they would negotiate on this .
Some people seem very lucky to have a great relationship with their IP . Missing a trick here I think,
Steven as Melanie says it should be excluded from the IVA and as you say some IP's are more contactable and approachable than others hence why it's paramount in finding one pre-IVA who is both of those things.
I'm sure you'll get a positive answer on this one.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
