www.iva.co.uk

Hi everyone,

I am thinking about entering into an IVA. However i am worried about what they may consider asets. i.e. i have an old wagon i want to do up when i have finished the IVA and i am worried it would be taken into account and off me if they find out about it. even tho it's costing me nothing at the moment. Can anyone tell me if the IVA can take things from you like when into bankruptcy? It really is something i do NOT ever want to part with and it's not worth a lot. I also have a pony i have had for 23 years and am worried about his welfare too as he has never lived anywhere else and he costs me virtually nothing. Pocket money.

Any info on this matter would be great as i can put the wagon into my dads name now if thats the case.

thanks guys

How much is the old wagon worth in its current state ? If worth next to nothing, then it will certainly be excuded from the IVA, if it has a significant value, say above a couple of thousand pounds, then probably it would be an asset of the IVA, but the IVa could be structured that a third party could inject funds equivalent to the value of the asset or alternatively the term be extended so that you make additional payments equivalent at the end to the value of the asset.

I think it would be reasonable to exclude the pony as it costs you next to nothing and as you say there are welfare issues. Plenty of people enter into IVAs with costs for pets shown on their budgets which are not disallowed by the creditors.

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist