Help with IVA and being given newer car

gsxr750

Hi, My wife and I (2 children under 8) are 4 months into our iva. My father passed away 2nd Oct and since then my mother has come into a lot of money, I never got any money from the will but my sister and I have had the house given to us but cant sell it till mother passes or moves. Anyway my mother has taken it upon herself to get me a newer car worth £3500 as my old banger(worth £300) packed up. Do i have to inform my IVA of this and will it affect anything, ie... will i have to sell it as it is an asset?

Next, in the new year my mother is getting a new car for herself as she is driving my fathers old one and she wants my wife to get rid of her car (worth £800) and she will give her old car(worth £3000) to my wife.
Any money we make from the sale of my wifes car will be declared to IVA so they can take there percentage, but yet again would my wife recieveing this car make any differemce to the IVA?

I dont want to have any of the newer cars only to be told that is has to be sold or it causes problems to the IVA.

Any help is most gratefully recievied?

ps this all came about because my car broke down with my kids in it and my mother is worried our old cars are going to hurt her grandkids.

Charco_2

You can have a car up to value of £3,000 without batting an eyelid... If your IP raises any issues over it, point out that the cars still belong to your mother and are of no value to you or your IVA

The house is a different matter... I really hope you haven't inherited that!

gsxr750

My dad and mum's will had it that if one died the house became mine and my sisters but we cant do anything till mum dies. If she moves she can sell the house with our permission but any money she makes from the sale after buying a new house has to be shared between me and my sister. If she did sell any profit i got would be paid into the iva

Hope this doesn't make the iva a pain