so we are nearly at the end of our iva,just 9 payments to go- woowhoo!
however my sister has come to realise that an iva maybe the answer for her situation.
She has made contact with vincent bond, who have run through her figures and have also said that an iva would be a positive solution for her.
the question is they desperatly need a newer car as theres really is on the last legs, reguarly conking out - were not talking new, just something probably worth £1000k-1500k.
my concern is that to spend this money on a credit card now and then in 6/8 weeks time apply for an iva would be looked badly upon and may affect there iva application??
there not just looking to change the car for the sake of it, or change it for a valuable car- theres is genuinly is unreliable, and wouldnt see them through 5 yrs of an iva.
It wouldn't be advisable to use credit knowing that you are entering into an IVA in a few weeks.
I would advise that your sister discusses this with her case manager - she may be able to retain funds to purchase a vehicle. Alternatively, she could save up over the next few months then enter the IVA.
Hi ellis9905 - they are sensible in looking at getting a car if they think the current one is about to conk out as this could cause a problem for them later down the line. Taking out credit in the way suggested is not advisable however ther cold be other options to look at. They could get a HP agreement and have the monthly payment built into the budget as this would be a secured payment and not form part of their unsecured debt. This is only an option if their disposable income can support the car payment as well. Is there a family member that could help them out with buying a car, either by loaning money now that they repay post IVA or again a monthly amount built into the expense budget if allowable.
Hopefully they can find a solution - have they spoken to other companies yet to get a comparison?
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Certainly have and all good. Sounds like you have really helped them in dealing with this and given them the benefit of your own experience.
Good luck for your remaining short sprint and well done on getting this far - Woo Woo indeed
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Is there a friend or family member who could help in the short term, by providing a loan which could be repaid over the couple of months the IVA may take to propose, or even with the IVA starting with no payments for the first couple of months to ensure the family loan were properly repaid.
As an IP in practice, I would much rather see a reliable car from the outset of the case, than have to deal with this via variation half-way through, and if your current vehicle is unroadworthy then you have to put your personal safety at a much higher priority than paying unsecured creditors.
Huge thank you to Tina, you will of given my sister the best nights sleep shes had for ages- your time and help today on the phone has been such a relief to her.
As always your advice and helpfulness is always first rate
It is lovely to see the real difference made to people's lives when they do finally take the plunge to deal with their debts and seek advice. Tina has been glad to assist your sister and let's hope we can get her difficulties sorted out soon.
