Hi All, Have been in my IVA for a year and due my first review in June, I am wondering though, I need to buy new wheels and tyres for my car and have found an online website who offer a very competitive finance rate, Am I allowed to buy from them on finance say £700-£800 @ £20-£30 per month? Thanks in advance. G.
Hi -- further credit is limited to £500 and usually requires the permission of your IP (depending upon the wording in your own proposal). If the purchase is urgent a break might be agreed to use those monies on the purchase ( this will have to be made up at the end).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If you can source the finance I doubt if there would be a problem with your IP. However you need their permission first and there is no guarantee that the finance will be approved. Foggy's idea of a payment break is a good alternative.
Usually credit is restricted in the IVA terms to £500 as Foggy states. You may also have problems in getting finance due to the IVA I'm afraid. Speak to your Supervisor about it and see if a solution can be found - perhaps a 'holiday' per Foggys suggestion or a family member can 'gift' you the money with authorisaiton from the IP.
Last edited by Lisa Thomas on Thu Apr 16, 2015 11:07 am, edited 1 time in total.
