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Selling my car
Posted: Sun Jan 20, 2019 9:36 am
by Mpbmpb
My car is low value £2000 and is listed as an asset on my Iva . It’s proving expensive to run fuel etc . If I was to change my car for something of a similar price or less ? Do I have to let my Iva company know ? It’s not on finance . Thanks again
Re: Selling my car
Posted: Sun Jan 20, 2019 10:24 am
by Foggy
As it is listed as an asset, yes, you do need to keep your IP in the loop.
Re: Selling my car
Posted: Sun Jan 20, 2019 11:10 am
by Radish
If you sell on eBay, everything you make is your own. Surely a car comes under this category. I must admit the assets thing of what you can sell and keep confuses me a little?
Re: Selling my car
Posted: Sun Jan 20, 2019 11:20 am
by Foggy
Radish wrote:If you sell on eBay, everything you make is your own. Surely a car comes under this category. I must admit the assets thing of what you can sell and keep confuses me a little?
If it is listed as an asset of the IVA, you keep it in your possession, but if you dispose of it the proceeds belong to the creditors, unless otherwise agreed.
Re: Selling my car
Posted: Sun Jan 20, 2019 1:45 pm
by Radish
Foggy wrote:Radish wrote:If you sell on eBay, everything you make is your own. Surely a car comes under this category. I must admit the assets thing of what you can sell and keep confuses me a little?
If it is listed as an asset of the IVA, you keep it in your possession, but if you dispose of it the proceeds belong to the creditors, unless otherwise agreed.
Think mine was £30 scrap haha
Re: Selling my car
Posted: Sun Jan 20, 2019 2:19 pm
by Foggy
Radish wrote:Foggy wrote:Radish wrote:If you sell on eBay, everything you make is your own. Surely a car comes under this category. I must admit the assets thing of what you can sell and keep confuses me a little?
If it is listed as an asset of the IVA, you keep it in your possession, but if you dispose of it the proceeds belong to the creditors, unless otherwise agreed.
Think mine was £30 scrap haha
All of mine were -- I got through on ebay bangers !
Re: Selling my car
Posted: Sun Jan 20, 2019 3:55 pm
by Mpbmpb
Foggy wrote:Radish wrote:Foggy wrote:
If it is listed as an asset of the IVA, you keep it in your possession, but if you dispose of it the proceeds belong to the creditors, unless otherwise agreed.
Think mine was £30 scrap haha
All of mine were -- I got through on ebay bangers !
perhaps I’ll just hold onto the car nothing wrong with the car just heavy on fuel (something you don’t notice when you are putting fuel in with a credit card )! But those days are gone . 6 months into Iva and things are ok so far ! Definitely more relaxed ! I hardly see the postman these days used to be regular delivery of credit card statements