Approved...... BUT

[A little less stressed]

Well i posted nearly 2 months ago to say i had started the ball rolling, as of last Tuesday my IVA has been approved, with a couple of conditions.

I have been asked to sell my car, although at the time of the proposal i said that it was not worth what it had been listed as, i have now been asked to sell, and am allowed up to 3K for a new 1, realistically, i will get maximum of 4K from dealer, at the time of my creditors meeting the chairman when speaking to him on the phone hinted that if i could find the extra money i put this into the IVA and i get to keep my car... having spoken to payplan today apparently this is not an option, so i was wondering what other people have done in this situation?

I must admit it is a releif to know where i am each month now. and know that i can afford to pay something.

Good luck to all those going through this process.

Suzie

[flumpy dog]

aw well done suzie-the relief must be immense.

hopefully kal or mel or one of the other pros will pick up on the car thing and advise more

well done xx [:)]

[Simbel]

Congratulations for the approval. Do you mind if I ask what sort of car do you have? Do you use it for work? - I'm only asking as we had bought a brand new car a couple of months (well mother in law had bought brand new car) before we applied for the IVA- and although it is new it has obviously lost some value - but more importantly it drives both my husband and I and the children into work (School) everyday 120 miles roundtrip plus it's used for mother in law mobility (we have medical proof of this) so I'm really worried that they ask us to sell it - this would be terrible (she's 81 - and put most of her savings into it to help us - only for her to see it being taken away) - we have provided proof that she funded most of it.

[Skippy]

I'm very surprised that you've been asked to sell a car worth 4k - it hardly seems worth it if you are going to be allowed to keep £3k for a replacement.

I don't understand why you can't make a few extra payments to the IVA and keep the car.

[A little less stressed]

I was hoping that as well i wouild quite happily pay extra in mint condition and average mileage it is worth abt 6K, but i have double average mileage, and has a few scrapes and, and interior is rather worn.

from a dealer i would be lucky to get more than 4k as obviously they want to make a profit on it.... aaarrgghhhh. it is a Vauxhall astra diesel 55 plate. And yes i do use it for work, abt 120 miles per week, going to supermarket etc.. i live in a large village but public transport is not great. i got the feeling this morning from my case officer that there was no room for alternatives

in the run up to christmas not sure who is going to want to buy it from me

[Cath]

Would the sale of the car improve your dividend somewhat, even if it was only by £1k?

It's got me thinking now Simbel.

Did they say what happens if you can't sell it for a decent price?

[Skippy]

Simbel, if your MIL has paid for your car and you haven't paid her back then I don't think you'll have a problem x

[kallis3]

I'm surprised you've been asked to sell it as well. We're with Payplan and we didn't have to sell ours and it was worth about 8k at the time. Ours is a 55 plate Skoda and we even have a personalised plate on it we were allowed to keep. I presume it was one of your creditors who insisted on the sale.

Well done on getting approved though.

[Michael Peoples]

It seems odd you cannot bring in funds in lieu of the equity in the vehicle from either a third party or by a short extension. Seek clarification from your IP as downgrading the vehicle could lead to increased maintenance and ultimately a reduced dividend over the long term.

[MelanieGiles]

Clients of mine are rarely ever asked to sell their cars - and it seems odd that this has happened in your case. The car is not of particular high value, and it does need to last for the full five years of the IVA. A little shortsighted on the part of creditors methinks, and perhaps your IP could have worked harder to avoid this for you.