www.iva.co.uk

My car under the terms of the IVA was valued at £2200. We are in 14 months into our IVA so far my car failed its MOT in September £600 worth of work to pass & now I've found out that it needs about £1000 of work to be done and that is before the cost of new tyres. Am I flogging a dead horse? Is it worth all the expense? Yet I cannot see any other option being viable. Is this something that any other members have come across?

Louisa
This is just one more problem you don't need I guess. Unfortunately there is no easy answer. Yuour proposal presumably allowed you to keep your car because you need it for work but would not have allowed any "spare" money for replacement of it. I suggest that you see what it is worth as it stands and talk to your supervisor to see whether he/she can assist, either by suspending payments for a short while if possible or by asking creditors for a variation to allow this, to provide additional funding to replace the car. It's either that, public transport or Shanks' Pony I'm afraid.

Phil Wood (IP since 1983)
www.barringtons-online.com

As Phil says, you do need to discuss this with your IP. Are there any family members who could help you with financing a new car, or taking out a finance agreement which you could then meet the instalments on? Yesterday, Andy posted a number of companies who could provide car finance, so these may be worth looking into, any you may need to offer a variation to your creditors to allow for these payments.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk