My car is now 17years old. Its clanking and whistling and to be fair scary to drive.
It looks like I'm going to have to get rid of it. Probably worth about £50 if I'm lucky.
A family friend is going to be realising his dream of buying a brand new car (in time to retire) and has offered us his old car. It is 5yrs younger than ours and a lot less mileage. No price has been agreed yet, but we think he is going to just let us have it. Again it doesn't owe him any favours, same as our car.
We are six months from end of IVA, when we get the car there will only be two months left. Do we have to declare that we have got rid of ours and got his.
Simple answer - no unless you need some sort of payment break.
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.
I agree. However any break would probably lead to an extension but if your payments were reduced by 15% to allow the purchase over time you could buy the vehicle and get no extension.
We are so close to the end of the IVA that I wouldn't want to have a payment break, our payments were already reduced when hubby was redundant,
I'm hoping that if he decided he wants to sell it, he'll be kind enough to wait until the IVA finishes and we can pay him then. After all we'll be a bit better off in our finances not paying out the IVA each month and we could give it to him LOL.
We've known him for years and he's godfather to our daughter, he's such a good hearted soul though which is why we think (hubby's idea) that he won't ask for money for it.
I was more concerned that we would need to notify someone we have changed cars, esp as the insurance renewal in Nov will show a different car reg.
There is no harm letting your IP know that you are buying the vehicle but deferring payment until the IVA is over. They should have no problem with this at all.
Thanks Michael, once we know if we are buying it or being given it I'll go from there. Thanks again. You're help on a lot of matters is always hugely appreciated. You're a superstar to give up so much of your time for us x
