My husband and I have a joint IVA that is in its 3rd year. We live in a very rural area and need our cars for work/school purposes. The thing is that both of our cars are old and falling to bits and costing us a fortune each year in repairs, mot's etc. I've just found out that I'm going to have to spend at least another £300 to repair a fault and I was thinking of selling the car instead and buying another. The problem is that I won't get much for it so what I could afford to replace it with is risky and I can't afford repayments on a large sum of money. Not sure what to do - but my question really is, are there any other options and can I sell the car when it is involved in an IVA?
You can sell the car, but replacing it will be another matter. Even if your IP approves of HP or a lease the interest rate is going to be eye watering.
Your IP might grant you a repayment break for a few months ( which will be tacked back onto the end of the IVA ) in order to increase what you can spend on a replacement, but this will still be a very modest car.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
