Hi, my car appears to have given up, with a potentially expensive problem, 1 week before the MOT is due. It seems that it's got to the stage where it is no longer economically viable and I need to sort out a replacement.
We are currently waiting for the outcome of our 4th annual review.
I would be interested if anyone has any experiences of car leasing, good or bad. Also how do IPs view this in terms of the increased expenditure on the IVA.
I managed to get a loan whilst in IVA from Moneybarn - used to be Dunctons. Just needed permission and IP was fine about it. I don't think anyone on here has been refused by there IP as far as I've seen over the years. Mine was a 4 year and payments £243 per month which is due to complete in March 2015. We are hoping to finish it before Xmas with the IVA concluded now. Hope this helps.
What the views of the IP are depends, firstly upon who the IP is, and secondly on the actual figures.
I doubt a vast increase in allowances would be tolerated, however, this has to be weighed up by the importance of having a vehicle and possible alternatives. For instance if no car means no job, they will be more flexible. That said, I have seen an instance where this was the case and the creditors insisted that public transport would suffice !
Of course, there are other benefits to a newer car -- lower long term running costs, less likelihood of potentially expensive repairs, possibly better on fuel and RFL.
The best person to discuss this with would be your own IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
They said as long as my payments into the IVA could continue and we could afford it that was fine. Originally our old car payments were taken into account as we commenced the IVA but when completed we were supposed to increase payments. I think we were lucky that we always got a pay rise or promotion which meant an increase of our payments every year anyway. Don't think they had to check with creditors at the time. They just made the decision but I kept a copy of the email in case it backfired, which it didn't.