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Original poster

IVA Issues.

6 replies

mantasuzka · 02/08/2024 14:48

Hi everyone, i was borrowing a car from my friends garage, i cant afford one. And i was obviously insurance policy holder. i end up getting hit and the car was written off. the money was transferred to my bank account and then i transferred it to my friends business account. This now looks like I'm hiding money from the IVA. I just had to send them my annual review document and waiting to see what they will say about this. Reason I'm contacting because I'm a little anxious on what to expect. i have 1.5 years left on the IVA and if they fail me I'm back to square one. Because most of the payments that were made was Iva Fees and of they fail I'm back to £6k in unpaid debt. Any advice will help. Thank you in advance.

OP posts:
Bromptotoo · 02/08/2024 15:31

I think there's a clear argument that it was not your £6k but money you owe to your friend. Whether in IVA land they will see it that way I don't know.

Step Change or National Debtline are good for advice. Make sure you get the right URL.

Melonportal · 02/08/2024 15:41

mantasuzka · 02/08/2024 14:48

Hi everyone, i was borrowing a car from my friends garage, i cant afford one. And i was obviously insurance policy holder. i end up getting hit and the car was written off. the money was transferred to my bank account and then i transferred it to my friends business account. This now looks like I'm hiding money from the IVA. I just had to send them my annual review document and waiting to see what they will say about this. Reason I'm contacting because I'm a little anxious on what to expect. i have 1.5 years left on the IVA and if they fail me I'm back to square one. Because most of the payments that were made was Iva Fees and of they fail I'm back to £6k in unpaid debt. Any advice will help. Thank you in advance.

Contact your IVA supervisor asap, tell them what happened and provide proof of where the money came from, who you transferred the money to and that this person is the owner of the car. Do you have some sort of rental agreement for the car?

Melonportal · 02/08/2024 15:43

Sorry I didn't mean to quote your whole post

Original poster
mantasuzka · 04/08/2024 08:27

Melonportal · 02/08/2024 15:41

Contact your IVA supervisor asap, tell them what happened and provide proof of where the money came from, who you transferred the money to and that this person is the owner of the car. Do you have some sort of rental agreement for the car?

Show quote history

No I don't have any rental agreement. I didn't have any assets on my IVA, and I was just borrowing my friends car. It's not in my name. And you can see on the bank statement where the money came from and where it was transfered to. I did contact them but I have a feeling they will just cancel my IVA as this breaks the agreement. It's a weird situation.

OP posts:
Mindymomo · 05/08/2024 10:09

I worked for an Insolvency Practitioner for over 25 years, I don’t recall ever asking to see a clients bank statement to check money. Can you get something in writing from your friend saying

Car Lending Agreement
Money received from ……….. due to car reg no ….. being written off £ ……
signed ……. Dated ……

Then hopefully your Insolvency Practitioner shouldn’t query it, but they do have a duty to your creditors, so best let them know.

Original poster
mantasuzka · 05/08/2024 13:55

Mindymomo · 05/08/2024 10:09

I worked for an Insolvency Practitioner for over 25 years, I don’t recall ever asking to see a clients bank statement to check money. Can you get something in writing from your friend saying

Car Lending Agreement
Money received from ……….. due to car reg no ….. being written off £ ……
signed ……. Dated ……

Then hopefully your Insolvency Practitioner shouldn’t query it, but they do have a duty to your creditors, so best let them know.

Yeah they do it each year as a review to see what my earnings are and where I spend my money. I will make one with him I don't want yo drag him in to my problems as I'm not proud of IVA. Thank you for your help

OP posts:
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