Would assets be taken if an IVA is set up?

[ragilda]

IF I HAVE ANY ASSETS E.G. BOAT, CARAVAN, CAR WOULD THESE BE TAKEN AWAY IF AN IVA IS SET UP?

[jpj]

Hi Ragida...welcome to the site.

It depends on what the assets are worth!

I know someone was allowed to keep a caravan that was worth a few hundred pounds, and usually your allowed a car around the 2 grand mark, but if you have a boat worth any reasonable money they will expect it to be sold!

[Soulgrowth]

Hi Ragilda ... and welcome to the Forum.

I am not an expert here so I may well be incorrect but I am not so sure that you would be expected to sell assets under an IVA but rather that your disposable income would not provide for an allowance to maintain them. For example, when I wemt into my IVA I had two cars (for business purposes) but I was only allowed the allowance for the payments and maintenance of one.

Debbie

[jpj]

So it was ok for me to keep my 50 grand speed boat then Debbie...thank god for that! lol[:D]

[Soulgrowth]

As long as you have the income left over after your IVA payments to maintain it JPG ... and you take us all out on it [:D]

Debbie

[Adam Davies]

Hi
You would be expected to sell any significant assets as part of your IVA,unless you can show that you need them
You could well be able to keep a fifty grand speed boat if you were a water ski instructor and this was your main source of income !!
Are you jpj ??
Debbie will put on her wet suit and I'll bring my camera
Regards

[Soulgrowth]

I can't swim!

Debbie

[jpj]

Sadly my job isnt that glamorous Andy...(Painter and decorator) and living in the same county as you,we both know there isnt that much water either!!