company car while in iva

[666]

hi all
Just wanted to hear of anyone's experiences that had moved into a company car scheme during an iva.
I got a new job just after my IVA was approved last year and I seem to be doing ok as there are talks of promotion in the not too distant future.
The promotion involves an increase in travel (fully expensed)and I'd be eligible to join the company car scheme if I wanted to. The scheme appears to give you a monthly allowance to either put down on a personal lease car or take a car off the company list. I'd be going for the latter as I don't suppose a private lease company will touch me with a barge pole.Has anyone had any issues doing this while in an IVA?

Based on experiences over the last year with my IVA company I imagine the line will be that aslong as it doesn't affect the monthly IVA payment it will be ok, but I was interested in peoples real experiences.

thanks
D

[Destiny]

Hi 666
I started my IVA in April 2007 and in October of that year my car died and my employer kindly said they would provide me with a company car which I still use at the moment.
The only changes I had to my IVA at review time was obviously I did not have the expense any more of a private car (ie, car tax, servicing etc) which were included in my original IVA proposal. Although outwardly this looks like you are saving money, remember that your salary will decrease slightly (depending on car you get) because your tax rate will change. Company cars are a benefit in kind and you get taxed depending on the Co2 emissions and list price of car. Hope this helps!

[Sensible77]

Hi, 666. I lease a car through work. I work in the public sector and they have a staff car scheme. The payment comes out of my salary and shows as a separate deduction on my payslip. MY IVA company, PayPlan, were happy with this and used the proviso "as long as it doesn't affect your ability to maintain your IVA payments." I have this in writing from them.

[666]

thanks both, I was hoping it would go along those lines - I'll check in with my IVA company when I get the offer but its good to hear you both had similar experiences.
Out of interest what sort of difference did you see with your take home pay when you went with the company car option - struggling to find a decent calculator online that can give a personalised illustration!
Thanks )

[luna]

Hi,

If you have the list price and co2 of the vehicle your tax office will tell you the cost in tax.
I have a company car and my IVA firm completely dis-regarded it from my proposal etc,

Regards,