had my IVA agreed last Thursday

[wyn]

Hi all.
Just a general question to you all my car has packed up. And i had my IVA agreed last Thursday. I have been told i cant obtain anything on credit. But does this include a car with a loan that is secured on the car.
Thanks

[Adam Davies]

Hi wyn.d
You must speak with your IP and explain the situation.Do not take any credit unless they agree to it
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

Hi Wyn

That is so unfortunate for you at such an early stage in your IVA. The problem with taking a hire-purchase agreement whilst in an IVA is that it will disturb your monthly payments and your Supervisor may be reluctant to propose a variation right away.

How much are your monthly repayments to the IVA intended to be? I would suggest that you buy yourself a cheap car - perhaps by foregoing the first two IVA payments - until you can get back on your feet. Two missed payments will not disturb the IVA, but your Supervisor will want you to begin to repay those straight away, and let's face it if you don't have a car you cannot get to work to earn the money required to fund the IVA.

Alternatively could a family member help you with some short term finance to help fund a replacement vehicle.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk