my first time on this website

[Nick1]

Hi Guy's it's my first time on this website and started my IVA 4 month's ago now.
Was wondering. I own 2 cars, both used for taking the kid's 2 school and me and my wife to work.
Only 1 is on finance and I was wondering that if my car that is'nt on finance and is owned by me gives up the ghost, could I buy a replacement, and how much could I borrow up to. I use it to drive 360 miles round trip to London once a week for my job.
Would I be able to reduce my IVA payments to accomodate any new finance taken out? Thank's

[MelanieGiles]

Hi Nick1 and welcome to the forum

This is something that really ought to have been thought about before your IVA ws put forward. I always look at the possibility of this occuring with my own clients, and if there is a risk that a vehicle may not last for the five years an IVA will run over, then it is probably better to seek finance prior to entering into the IVA. This is always then disclosed within the IVA proposal.

You will need to discuss with your IP the implications of buying a replacement car on finance, and the effect this will have on your contributions. If there is a need for a reduction, then this can only be done with the express resolutiom of your creditors at a newly convened creditors meeting, and they are never keen to see variations during the first year to be frank.

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