Hi there, I am 15 months into a 5 year IVA. I have recently had some issues with my car and suddenly thought to myself what would happen if my car became a write off and if and was beyond repair??
I need my car for my job and would not be able to do it without it. I guess before entering an IVA if such a situation were to arise then I would have borrowed the money via a loan or overdraft.
I am curious that in such a situation what would happen?
Hi There,
Welcome to the forum.
If your par died and you needed extra allowance to pay for it yu would need to ask your IP for a new I & E review.
I need a reliable car for my work and so have a lease car - if you look at some of my previous posts you will find the details. There are companies wh will be very helpful for people in an IVA.
Best wishes,
Caerrie
Thats interesting. At the moment my car is still running so the question is hypothetical but its good to know potential options. Do you have details of the companies that may offer a lease to somebody in an IVA?
If you had taken out an unsecured loan for a car in anticipation of the IVA then you would probably have bought yourself a bumpy ride (pardon the pun) as the creditor concerned may well shout "fraud".
If during the course of the IVA you need to replace it and need to get some form of credit (probably in the guise of an HP agreement) you should speak to the Supervisor to get authority for the new credit you will be taking on board. If the payments will mean a negative impact on your ability to contribute then that may need a variation which again can only really be put forward on your behalf by the Supervisor.
Hope this helps
Ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
Hi Again,
The company were called Leaseline and I delt with Gary Beedle - I'll try and findhis number for you for future reference if you want (It is on previous posts some where!!).
I had a car for years on HP and was talked into changing it for a newer model proir to my IVA. Tha payments were unrealistic in my IVA so I halved them, in agreement with my IP, by getting a leasecar.
If you do have a problem talking to your IP about possile solutions is the answer, but at least you know, if allowed, leasecars are available for IVA people.
I hope that helps,
Best wishes,
Chardonnay
