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Posted: Thu Nov 17, 2016 3:09 pm
by ryan23986
As part of my IVA I am required to sell my car for a min of £7000. The car has developed major problems recently that I cannot afford to rectify, repair costs are in the thousands (the car is unusable and parked up) so I am borrowing a parents car. I have not approached this yet with Payplan as I am concerned this is going to breach my agreement as I would not be able to sell the vehicle for anywhere near £7000. Please advise
Posted: Thu Nov 17, 2016 3:30 pm
by kallis3
Hi and welcome,
You need to speak to Payplan asap. Why were you required to sell it? We never had to sell ours.
Posted: Thu Nov 17, 2016 3:35 pm
by ryan23986
Due to the value of the car, it was put forward from my creditors I must sell the vehicle at a minimum of £7000 and pay £4000 of it into my IVA. £3000 may be kept to purchase a new vehicle.
Posted: Thu Nov 17, 2016 3:39 pm
by kallis3
Out of curiosity - what car is it?
Posted: Thu Nov 17, 2016 4:40 pm
by LizzyPayplan
Hi Ryan,
Would you be able to contact me at
online@payplan.com with your client ID as I would like to help?
Once I've received it, ill look into your case and keep you informed.
Thank you
Posted: Thu Nov 17, 2016 5:03 pm
by Lisa Thomas
Either you will need a variation or this means as long as the IVA gets the £4k you should be okay - it means you will now have less surplus available for a new car.
Hopefully Lizzy can help.