Company car to car allowance

[loucat1]

Hi,

I currently have a company car. This schem is being phased out in favour of Car allowance, obviously this does not suit me at all as I cannot see how I can possibly buy a car with an IVA. I have contacted my IVA company and they don't know either and have gone off to check it out. Does anybody else have exeprience of this or any ideas as to how this can be done?. I am not looking to buy a new car but a reasonable second hand car. The car allowance is not additional income but in place of existing car provision. Many thanks in advance.

[Michael Peoples]

It may be possible to lease a vehicle or Dunctons come recommended by people on this site. However, the best option may be to get a trusted friend or relative to buy the vehicle in their name and you make the payments. I am sure your IP would not object to this.

[loucat1]

It may be possible to lease a vehicle or Dunctons come recommended by people on this site. However, the best option may be to get a trusted friend or relative to buy the vehicle in their name and you make the payments. I am sure your IP would not object to this.

Many thanks for your response. I cannot use Dunctons as they require a minimum of £1000 deposit which i do not have. There is nobody in my family who is in a position to take this on my behalf - elderly parents. I certainly do not want to ask a friend to do this. Partner a possibility but reduces his borrowing potential should he need it and he is not very keen to take this on.

[Michael Peoples]

It may reduce his borrowing ability should he need it but it would also improve his credit score by taking the loan and paying it back.

Sell it to him that way.

[loucat1]

Nice idea, however he really does not want to do this.

[kallis3]

I really don't see what else you can do in that case loucat.