www.iva.co.uk

How do I change my car and get a new HP agreement in the middle of an IVA when my IP has cleverly written into my agreement that I can't have one! I made the mistake of not reading the smallprint in my agreement that said once I'd finished paying for my existing vehicle, the monthly amount for it (£148) would be added to my IVA monthly payment (currently £385 and more than generous considering the initial debt was £50k!) Apparently there's no provision for me to get a new HP agreement for a car though there are finance companies out there willing to underwrite people with IVAs (I've already been accepted by one but can't now go ahead!) I was led to believe by the IP that it wouldn't be a problem to change my vehicle. I was told all I had to do was contact them let them know, presumably to get permission. I'm furious to find out from them today that I'd be in breach of my IVA if I tried it behind their backs (despite salary increases over the next couple of years that would allow me to afford it).
My car is old and knackered and it's costing more to keep on the road - the IP has asked me to send copies of repair bill receipts etc..I feel like a b***** criminal!!! I'm two years in to the IVA. I feel like remortgaging to get rid of it quick!
Any advice?

Hi Leeds and welcome to the forum

You cannot be furious with the IP as you were the one who signed the agreement, and to be frank if the IP had not provided for increased payments the creditors would have modified it in in any case. I agree that the implications of this should have been expressly explained to you.

If there is a real need to replace your car, and you wil need to convince your IP that there is, a variation can be put before creditors to see if they are prepared to allow the expenditure.

I disagree with Mel, I think that you should be furious with the IP - this should have been clearly explained especially as you broached the subject prior to the VA being agreed. However !!!!!!!!!! you should have read the small print. Not all IP's like Mel do their jobs properly and look after their clients. Some just see the money !