What options do I have to replace my car ?

[Mark.56]

I am writing for your opinion/advice on an issue that I have regarding my car and the options I have available under my IVA. I have had an IVA with Grant Thornton for about a year and a half.

My current car is now over 8 years old and has passed 100,000 miles.

I need a car to drive the 50 mile a day round trip to work, as well as having to drive both to other offices within my company (in the Midlands) and to suppliers (based in places such as Manchester and on the south coast) more regularly. I am based in the South East.

Recently, to get my car through its MOT, I have had to spend around £550 in repairs and a couple of weeks ago, I broke down in Warwick (resulting in a recovery) which has caused more expense to get the problem repaired, and is likely to cause more expense in the future.

I realise that I cannot get credit whilst on my IVA, but wonder what potential options I have regarding my car and whether there is a possibility of getting a newer car in the near to medium future, before my car starts costing me more than it is worth (which I estimate is around £750 to £1,000).

I do have a car leasing scheme available through a salary sacrifice arrangement at work, but I guess that this would not be allowed.

I have spoken to GT and they said that I could sell my car and then get one for an equivalent value (or a bit more if I save some money and possibly take a 3 month “payment holidayâ€￾). I am not sure if this is much value as a car for a similar price may be in no better condition than my current one!

I am not after a new car – just one that will not cost me a lot of money for the rest of my IVA.

Any help would be appreciated.

[MrsR]

Hi Mark,

We needed a car at he start of our IVA and were allowed to take one out on hp. This was deemed an allowed expenditure as without a car, I could not work (I drive 2-2.5k miles pm).

We used some of a claimed PPI cheque as our deposit and went with a company called moneybarn, who have been are are still great.

I would have a look to see what is about and given your IP a call if you have no joy finding something with the equivalent funds.

[Foggy]

Have you costed the salary sacrifice scheme and put this to GT ? Other then that you are really stuck with the options GT have already put to you. To be honest a 8 year old car with those miles would be an improvement on the vehicles many of us are nursing along ! And, as you have already indicated -- sometimes it is "better the devil you know".