question category: IVA

IVA advice.. Can I 'give' my car away??
Submitted on: 20th Jul 2009 by Non-Member | Total Answers: 1

Wanting to go down the IVA route, but I own a car worth approx £10,000, and it has sentimaental value (was a gift from now passed relative) If i transfer the car into my sons name before applying for an IVA will they find out?

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Re: IVA advice.. Can I 'give' my car away??

You shouldn't give away or hide any assets before going into an IVA. If you give your car to your son that is called a "transaction at an undervalue". It would be ok to sell your car to your son for a fair market price but you would have to account for what you did with the money.

Your IVA advisor is there to give you their best advice and you should trust them. If they later find out you have not been truthful your IVA could fail and you could even be made bankrupt.

Remember an IVA is your proposal to your creditors and you are in control of it.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. Click here to find out more.

Submitted on: 21st Jul 2009 by Darren Member

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