I am currently in an IVA n recently had to change my car insurance as I changed vehicles. I used to pay £32 a month n now they have put it up to £85 even tho I went from a 2 litre to a 1.2!! Which sounds ridiculous! I cant afford the cancellation fee n can't afford monthly payments like that!! They r threatening to send me the nasty letters if I don't! But part of me wants to go with someone diff as I hav found quotes so much cheaper! I don't know how this will affect my IVA as its a new debt chasing me?! I'm concerned n don't know what to do! I need my car to work but paying that much a month n a massive cancellation fee is not something I can manage. Can anyone help!? Thank u
I'm afraid that that there is little that can be done other than ask your IVA company to reduce your payments for a while.
This sort of happened to me (but not that dramatically) - apparently insurance companies son't like you changing cars during a policy.
After my policy finished I went to another company and saved £20 per month.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Hi, is there any way you can ask your IP if you can pay the cancellation fee with part of your Iva payment (assuming this covers this). Take the much lower monthly payment insurance and repay the IVA company a little bit each month to catch up As you say you need a car to get to work as without work, there'll be no IVA payment. Have a word with your IP and see if they are able to suggest anything to help.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi, surely if this is the new cost of your car insurance then you need to advise your IP and do a revised I&E with the higher amount? If the increase had been a much smaller amount it wouldn't really have mattered and you probably could have afforded it but this is a significant increase and I don't see why your IP can't redo your I&E taking this into account.
I think your IP can take this into account when calculating your revised disposable income.
S/he can probably use their discretion to reduce your contributions for a small amount rather than the need to call a formal variation meeting of creditors.
