please advise what i should do

[r_l]

I am currently in a IVA and have been doing so for the past 1 1/2 years - i have not missed a payment in this time - the problem im faced with is my employer has required a get a car for my job- i will also be moving offices and where i am based is in the middle of the country. I am used to getting the train to work but this new location- there will be no public transport.

Am i able to apply for car finance? whilst doing a IVA and if i do what impact will this have or the only way i can prehaps afford a very cheap one would be to miss 1 months payment (which i doubt i can do) pls advise what i should do. Many thanks in advance

[iva_squirrel]

Hello,


When you are in an IVA, it is necessary to have a stable income that will last for the duration of the IVA, typically five years.

It is important to keep up payments as serious defaults can result in the failure of the IVA and may lead to bankruptcy.

However, there could be any number of reasons which can cause a reduction of income affecting your ability to keep up payments. Examples include illness, redundancy, relationship breakdowns, and change of employment or location.

The Supervisor of your IVA should be contacted immediately should any of these unfortunate incidences occur. A revised income and expenditure schedule will be requested, based on the change in circumstances. If necessary, the Supervisor will call a further meeting of creditors to request a change to the original payment plan.

During the term of the IVA, in an emergency situation, you may be allowed to miss up to two payments, but only with the Supervisor and creditors permission. Missing payments without permission is deemed a default of the IVA.

Kind regards,



Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[Oliver]

Firstly the most important thing to do is discuss this immediately with your IP.

I would presume that the following outcomes may be applicable. You may be able to take a payment break for a number of months allowing you to buy a car. You would then reapportion your current public transport costs to car expenses. Or you could potentially take out a car Hire Purchase agreement (this needs to be a secured HP arrangement and not an unsecured car loan), you would then reapportion your public transport costs to paying the HP and the related car costs. If you need more money to pay for either of these options you may be able to propose a variation of your agreement to your creditors reducing the amount of monthly payment you offer them. They would need to agree to this, which they will usually do if (i) your employment will be affected if they don't, (ii) your reduced figure still meets with their minimum requirement, (iii) they are still in a better position than if you were to declare bankruptcy.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[MelanieGiles]

Why is your employer not assisting you in the purchase of a vehicle if this is being done at his bequest?

The IVA can be varied to accomodate any change of circumstances, but only with the agreement of your creditors again. Talk to your Supervisor to see what they advise.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[r_l]

Why is your employer not assisting you in the purchase of a vehicle if this is being done at his bequest?

The IVA can be varied to accomodate any change of circumstances, but only with the agreement of your creditors again. Talk to your Supervisor to see what they advise.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thanks for all your information.

However will regard to the question above.......... my employer have pointed out that in my contract is states that i must drive> I do drive but just have not got a car. They have offered me a vehicle through work, which costs £310 - this includeds insurance etc- but i have to pay for the petrol. ahh! Catch 22! I will speak to my IP on monday and see what they say. Many thanks X

[razamataz_]

Why is your employer not assisting you in the purchase of a vehicle if this is being done at his bequest?

The IVA can be varied to accomodate any change of circumstances, but only with the agreement of your creditors again. Talk to your Supervisor to see what they advise.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thanks for all your information.

[88] Hi R_1 Well why is your employer not doing a Company car that they pay for? and have you not advised your employer of your change in financial circumstances? just a thought really[:u] Stating you must drive isn't saying you must provide the car tho' does it? You say costs £310 is that per year or per month or a lump sum you had to pay.Can you afford it?[8D]

However will regard to the question above.......... my employer have pointed out that in my contract is states that i must drive> I do drive but just have not got a car. They have offered me a vehicle through work, which costs £310 - this includeds insurance etc- but i have to pay for the petrol. ahh! Catch 22! I will speak to my IP on monday and see what they say. Many thanks X

[r_l]

Why is your employer not assisting you in the purchase of a vehicle if this is being done at his bequest?

The IVA can be varied to accomodate any change of circumstances, but only with the agreement of your creditors again. Talk to your Supervisor to see what they advise.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thanks for all your information.

[88] Hi R_1 Well why is your employer not doing a Company car that they pay for? and have you not advised your employer of your change in financial circumstances? just a thought really[:u] Stating you must drive isn't saying you must provide the car tho' does it? You say costs £310 is that per year or per month or a lump sum you had to pay.Can you afford it?[8D]

Its per month. I havent advised my employer of my finacial situation- nor do i want to.Bit embarrassed. The problem is, I do not have to drive for my current role as such- but my employer is telling us that he wants us all driving to be able to visit clients etc. Plus when we move unless i get a taxi - i will not be able to get 2 and from work, unless i get a £16 a day (1way) taxi.

I doubt i can afford £310 + petrol a month as i have a house to pay for aswell.