Can I borrow money off my parents for a car for work ? Will repay them with any overtime.

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12878

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Post by 12878 » Tue Apr 12, 2016 10:46 pm
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Can I borrow money off my parents for a car, my car has died so u need a second hand one to get me through..I intent to pay them back with any overtime I earn..I need a quick answer and asking the IP takes too long and I need a car for work! Help!
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Shining

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Post by Shining » Wed Apr 13, 2016 7:29 am
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Hi there, I feel the answer would be technically no without the express permission of your IP.

Could you parents buy you the car on the proviso you pay them back after your IVA?

Hang in there as I know you want a quick reply but we'll have some professionals on later who will be best placed to advise.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Foggy

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Post by Foggy » Wed Apr 13, 2016 7:56 am
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You cannot enter into any credit and borrowing off parents is still credit.

As mentioned above, they could buy it themselves and allow you to drive it. What you do with your share of overtime (remember half has to be paid to the IVA) is, of course, your own business ;-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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