Car finance/lease options during IVA?

[boot]

Hi,
I am 3 years into my IVA and I am going to be starting a new job soon. The new job will require frequent visits to clients and it is expected that I should have a decent car (only the rust is holding my current car together!) although there is no car allowance in the package. Do I have any options regards car finance/personal leasing while I am still in my IVA period?

Any help is greatly appreciated.

Boot

[ianmillington]

Hi

I'm assuming you are asking what you need to do, rarther than seeking a recommendation re finance companies?

You'll almost certainly need to get the Supervisors permission. Also, whilst there is no car allowance is there an increase in pay to compensate? If not, will you need to vary the IVA which begs the question as to whether it's wise to actually change jobs at this time.

Ian

[boot]

Hi Ian,

yes, it was more 'what do I do' advice rather than recommendations, sorry if that was a bit vague.

There is quite a bit more money with the new job, so it's definitely feasible.

Thanks for the advice.

Boot

[ianmillington]

OK then

You basically need to tell the Supervisor about the new position and get his clearance to get the car finance on the basis that without it you can't do the new job. So long as you get the consent of the Supervisor and the finance company will fund the car purchase I think that's it.

You may find some way down the line that the Supervisor wants to claim a slice of the increased earnings, but that will depend on the review provisions governing your IVA.

Ian