www.iva.co.uk

My partner I had an IVA and recently he has been having a lot of car troubles, enough that it’s no longer worth trying to repair it. He needs it to go to work, though.

We’re considering selling that car and buying a used one, around the same price.

Is that allowed with an IVA? Or would the money that he gets from selling the car be considered a windfall?

As long as the car has been excluded as an asset, it should be OK. But always better to run it by your IP first.