I am currently in my 3rd year of my IVA, is it possable to reduce my payments so I can free up some money to help me with car repair? Or is there away I can purchase a new second hand car!
If I could, then would half my monthly payment be sufficent payment. And would I end up paying over a longer period.
Hi
You could speak to your IP and he/she could allow a payment break to free up funds for a second hand car.
The ammount would then be tagged on to the end of the term.
We sometimes have clients who want/need to repace cars during a five year IVA. We ask creditors for a payment holiday. Creditors are usually sympathetic to such a request especially if monthly payments are up to date. The "holiday" payments then get tagged on to the end of the IVA. For example a 4 month payment holiday would mean that the IVA was extended to 64 months but you will still only make the 60 payments.
Your Supervisor should be used to dealing with this sort of variation.
Hope this helps and good luck with the new car.
Sarah Nancollas - Licensed Insolvency Practitioner with over 20 years experience.
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