need to change my car

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Post by nadine.p » Thu Nov 29, 2007 10:57 am

I am currently in an IVA, but have a hire purchase agreement on my car (which was taken into consideration when I got my IVA).

I need to change my car as it is inpracticle, but my car finance company has said that I need to redeem my current balance with them first, and then they can loan me same amount again for a different car. Wouldn't starting a new agreement go against my IVA?

I can't see a way round it - would be obliged for your advice.

Kind regards

iva experts

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Post by iva experts » Thu Nov 29, 2007 11:16 am
Hi Nadine,

Usually in every IVA you are not allowed to take credit without the express permission of your I.P, I would contact your I.P and discuss your current situation with them, they may be best to advise as they know the terms and conditions of your IVA.

Best Regards,
IVA Experts
Best Regards,
Michelle Pontes
IVA Experts


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Post by MelanieGiles » Thu Nov 29, 2007 12:10 pm
You would beed to get your IP's permission, and if your IVA payments were set to increase when the original HP agreement expired, taking out a new agreement could well affect the viability of the IVA.

Discuss this directly with your own IP who has detailed knowledge of your case.

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

To have me propose an IVA for you, please visit:

See customer feedback at:
Regards, Melanie Giles, Insolvency Practitioner
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