I'm 3 years on IVA, when I started, had a car on finance, it's finished now. I need a car for work, had accident, not my fault, insurance company told me they will write off the car and offer compensation. Now question is can I obtain a car for this compensation? As I need to get to work, and have no car anymore?
Sat Feb 27, 2021 12:32 pmFoggy wrote:
You should be able to, but will need to discuss this with your IP .... They might have other ideas!
Well my opinion is:
As this payment is directly to replace my demaged car, this money under no circumstances can be paid towards IVA, because then the claim for this payment would be false. There for if IVA company insist that the payment needs to go to IVA, I have no right to claim payment for the reason of replacement. Now when I will have no money to obtain th car, I will be forced to take car finance as it is main source of my disposable incomes towards IVA. Which means my disposable incomes will be reduced and I will be able to pay less for IVA. Which is a risk to IVA been canceled and I will lose my job
Similar to the argument I would employ --- however, when a car is written off the compensation is for the loss of the vehicle, not specifically to replace that vehicle.
The need for a vehicle in order to work is a good argument and one that has been used to good effect in the past. I have to say that many, if not most, IP's would let you keep the compensation and would expect it to fund a new vehicle. 10 years ago I would have said that without reserve ---- however, recently, there has been an emergence of a new 'breed' of IP. One that is much more avaricious, self and creditor-centric, who I would not touch with my greatest enemies barge pole, let alone my 10 foot barge pole !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sun Feb 28, 2021 10:28 amFoggy wrote:
Similar to the argument I would employ --- however, when a car is written off the compensation is for the loss of the vehicle, not specifically to replace that vehicle.
The need for a vehicle in order to work is a good argument and one that has been used to good effect in the past. I have to say that many, if not most, IP's would let you keep the compensation and would expect it to fund a new vehicle. 10 years ago I would have said that without reserve ---- however, recently, there has been an emergence of a new 'breed' of IP. One that is much more avaricious, self and creditor-centric, who I would not touch with my greatest enemies barge pole, let alone my 10 foot barge pole !!
Loss of vihicle, not necessary means you will get compensation, now the first step to get this compensation is to make a claim, and the amount of compensation depends from the demage, If I know this compensation will not be used as a replacement of the car, then I have no interest to make a claim, as in this case I will have no need to give away the demaged car, I can sell it for some cash and use this while getting another one
If you explain that loss of job from no car will result in failed IVA then the supervisor will take a serious look at it and im sure by hard press to tell the creditors the reason for the failure, the supervisor has to report to creditors on why the IVA fails, if you put it in writing I would be surprised if they didnt agree it. However agree the new breed of supervisors do look different.
