do I have to agreed new terms within the IVA

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p.w

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Post by p.w » Wed Jan 30, 2008 4:41 pm
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I recently entered an iva. And in May this is due to go up by the amonut I am paying for car Finace. I need a new car due to travlling to and from work and promotion can I use this to purchase a new car and do I have to agreed new terms within the IVA
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abc

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Post by abc » Wed Jan 30, 2008 5:06 pm
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You will probably need to do two things. Firstly, you will need the Supervisors permission to obtain further credit (check the terms of your proposal and any modifications in the chairmans report) and secondly if you can not increase your payments per the terms of the proposal then you will need creditors approval via a variation meeting.
Alan Coleman
Licensed Insolvency Practitioner with over 20 years experience and specialist for IVAs for self employed people

www.jmmarriott.co.uk
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MelanieGiles

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Post by MelanieGiles » Wed Jan 30, 2008 7:26 pm
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Surely this should have been considered before you entered into the IVA. Did your IP not discuss this with you at the time the proposal was drafted?

Creditors will find it strange that you are seeking a variation to terms so soon after entering into the IVA, but if your circumstances have changed as a result of unforseen expenditure and you can justify the need for the car, they will have to consider the commercial implications of not allowing you the additional expenditure.

You will also find it difficult to fund the purchase of a new car now you are in an IVA.
Regards, Melanie Giles, Insolvency Practitioner
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