Selling car during IVA

hunnybee

Hi all,

My husband and I are 6 months into our IVA and he is looking to change jobs to something a little better paid. Another advantage of this job (if he gets it!) is it comes with a company car. I already have a lease car through my work and he has our other car, which we will sell if he gets this job.

Does anyone know how much of the money from the sale would have to go into the IVA? I'm guessing it's probably going to be all of it?!

Thanks all and have a great weekend

trudij

It all depends on the value I should think - but most would only want half, its counted as a windfall I should think??

hunnybee

trudij - Thanks so much for your reply. I didn't think of it as a windfall! Hopefully they would only want half, at least we would get a little money from it, it's not worth all that much anyway!

foreverautumn

hunnybee wrote: »

Hi all,

My husband and I are 6 months into our IVA and he is looking to change jobs to something a little better paid. Another advantage of this job (if he gets it!) is it comes with a company car. I already have a lease car through my work and he has our other car, which we will sell if he gets this job.

Does anyone know how much of the money from the sale would have to go into the IVA? I'm guessing it's probably going to be all of it?!

Thanks all and have a great weekend

I would of thought that it would not be classed as a windfall. You already owned this before entering the iva, so it cannot be classed as a windfall. You should be able to keep all of it, if it was me i would definately fight my corner on that one.

althas

Ask your IP, each IVA will potentially have differnt clause in it for this. I think mine was if the car was over £2,000 in value they expected me to sell it as an asset. But I do not know the exact clause for mine, as I do not own a car now. I think cash windfalls (lottery win, inheritance etc) is 100% for me. So please talk to your IP for the exact terms, as if you just presume something, it may come back to bite you later