Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.
For the avoidance of doubt your proposal would not involve taking on any additional debt but rather is a swap of one vehicle for another at the same value. Is that correct please?
Am I correct to assume that you have declared the existence of the existing vehicle as part of your original IVA?
It is correct that a straight swap can be made, with no extra costs either way.
Also, the company dealing with the IVA knows about the car, but told me that it was purchased with a loan and not Hire purchase, so they added that onto the IVA, the car was not on secured loan.
Thanks. There are two components to this. The first is whether the car is secured under the loan and therefore whether you would need Santanders permission to sell the care but you have already dealt with this above confirming that it is not; if the loan is not secured against the car then permission from the bank is not required. The second compenent is whether you need permission under your IVA...
So I would be better getting in touch with the people dealing with my IVA and ask permision?
The Insolvency Act provides that you may not take on any additional creit over the sum of £500 without permission. Based on what you say you will not be taking on creit over £500 under your proposal and accordingly there is no requirement to seek permission under your IVA.
Ok thank you for your advice, mush apreciated
It is important however to check your sums carefully before agreeing any deal to ensure that you will not be paying money exceeding £500 for the new car after selling your old vehicle. If any doubt seek permission before agreeing the transaction.
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I will, thanks again