Problem

tommus

Ok,i had to send my original IVA proposal into the OR and in it it says that i own a car. One of my debts is for this car but i no longer have it,will the OR look into this and ask what i did with the car? I actually let my partner trade it in for the car that we both (mainly me as he also has a company car)use,the current car finance is in his name and also registered to him. I really dont know what to say if they ask as i'm sure they will as they go through each of my debts. any advice?

peachyprice

If you gave it to your partner less than a year ago then yes, they will ask about the car, it will have to go on your forms.

As you gave the car to him it will be seen as a transaction under value as. The are likely to go to your partner and ask for the money that the car was worth.

As your partner has a company car, and has part exchanged your car for a car he doesn't need the OR is quite likely to view that you did this on purpose to dispose of an asset.

If it was more than a year ago you don't have to put it on your forms, but as it's on your IVA paperwork the OR is still likely to question you about it.

How much was the car worth?

fiveyearplan

How much was the car worth. You will need to say you had absolutely no intention of going BR when that transaction took place.

tommus

it was the beginning of 2007 and the car was worth about 3k,for some reason the iva stated that it was worth £7k at the time when clearly it wasnt as it was already 2 years old.
I was thinking of saying the the car was on finance and because my OH had got a company car and i could use his other one i gave it back to the finance company and then just say that the loan originally for the car was for goods for the house i was living at alone,like a bed,washing machine etc.

What do you think? I'm really crapping myself.

FraudBuster

tommus wrote: »

it was the beginning of 2007 and the car was worth about 3k,for some reason the iva stated that it was worth £7k at the time when clearly it wasnt as it was already 2 years old.
I was thinking of saying the the car was on finance and because my OH had got a company car and i could use his other one i gave it back to the finance company and then just say that the loan originally for the car was for goods for the house i was living at alone,like a bed,washing machine etc.

What do you think? I'm really crapping myself.

Honesty is the best policy.

tommus

what will they say about it?will they ask for the money back to be paid towards my debts? Obviously we dont have that sort of money or will they make him sell the car to pay it? Or ask why we needed another car? Would they also ask why i didn't just sell it and pay the money to the IVA company?

dalip

Did you not query the value with the IVA company?

I can only hazard a guess that the IVA company put that value down so that your offer for an IVA was more acceptable, with a 7k as an assets if anything went wrong:rolleyes:

If you start conjuring up all sorts of stories you are going to find yourself in hot water. Stick as close to the truth as possible and if it gets you a BRU so be it. Lies will only come back to bite you on the bum later.

Also if the OR suspects anything "not qute right" believe me he/she will go through all your paperwork with a fine tooth comb. They are also within their rights to go back as far as need be,even 6 years.

Please be very careful.Dx

Merry_Gentry

They will probably ask all of those things, so it might be an idea to sit down and think it through. I don't think you should lie to the OR about why you sold the car - one lie tends to lead to another one, and generally just gets you further and further into the !!!!!!. S/he may try to reverse the transaction but it's almost impossible to say for definite what will happen.

Merry_Gentry

Dalip, we think very much alike

tommus

I'm assuming that they will bring it up,do they go through the IVA proposal with a fine tooth comb? Or just look at when it started and what i paid?

peachyprice

Please don't try to make up lies, if you go down that route the OR will want a paper trail for everthing and you will get in far more trouble for that than disposing of the car.

Were you insolvent at the beginning of 2007?