www.iva.co.uk

Following on from a previous topic:

If I was given a company car and subsequently sold my own car, what would happen to the proceeds of the sale?

As far as I am aware, the proceeds would go towards your IVA.

Generally speaking, you would probably be allowed to keep the funds if the car was not included in the IVA.

But if for whatever reason you lost the company car during the IVA, your creditors would probably be very reluctant to defer payments so you could buy a new one.

Hi
It will depend if your car was an excluded asset from the IVA.
It could also depend on the amount involved and your IPs discretion
Regards

I'm sure that I would have to pay mine across. We had to send a copy of the registration document when we started the IVA. It's not mentioned in the proposal or chairmans report but surely anything gained from selling a car would need to be paid across.

Crikey, nothing is ever black or White is it?

spent too much wrote:

Crikey, nothing is ever black or White is it?

Haha - yes, it's always black and white, but unfortunately every IVA is different!

It is all individual. You need to speak your IP about this.

Andy is correct - if the asset was excuded it is yours to deal with as you choose - I'd recommend setting up a savings account.

Thanks for the replies.
Just checked and it is excluded, just need my company to sort itself out! (may be a few months yet though!)

There's a bonus for you and a nice little contingency pot. Hope it works out positively for you x