Both our cars have broken down. We need transport for work and we have young children

[Holly.ry]

What do we do as both our cars have broken down and are going to cost a lot to repair. i don't wish to go on a break with my IVA and would like to secure a\ higher purchase agreement whilst in the IVA. We need cars for work and we have young children.

[ginger323232]

Difficult - you are going to need you IP agreement - how are you going to fund the cost ?

Interest rates are high for people in IVA

[Holly.ry]

This post was posted by the website, I called today hoping to get advice from someone.
I have made dramatic changes to our lifestyle meaning our childcare costs are massively reduced. I am hoping the IP will understand that the costs to continue to maintain these two cars is ridiculous. I don't want to take a payment break as we are so close to the end!
I think we could manage paying out about £130 a month to a HP agreement, we pay £429 to the IVA already.
I just wonder how everyone in an IVA manages when these things happen. We need the cars for work and took a break last year from IVA payments to allow us to purchase the cars (we had car trouble back then too). However the cost of purchasing such old cheap cars hits us more frequently with the costs of repairing, fuel consumption being so high and tax being so expensive.
GT aren't in a hurry to get back to me on this it seems so it may be a case of an ebaying spree to raise some funds to repair the old bangers!

[ginger323232]

You will find however that you are likely to need permission to get get credit over £500 - otherwise you are likely to breech your IVA conditions. Getting credit will be difficult and expensive. If you know of a family member who can buy the cars you need- then utilise it.

Any changes in IVA payments(reduced) over 15% is likely to need a full creditors meeting

[luluj]

You will certainly need the permission of your IP for any loan to be agreed, and personally from experience doubtful HP would be available at the level of monthly contribution you mention as being available ..... Moneybarn are one company who people in iva's use but interest rates are high ... But first you have gain your IPs permission

[Adam Davies]

Hi

Two obstacles, one is gaining permission from IP and second is finding a finance company to accept you whilst in an IVA

Good luck

Regards

[Hair_bobbles]

24/7 are a car finance company that may be able to help- but expect extremely high interest rates, same for moneybarn ( I did an online quote with them the interest was nearly 40%!) so I am still tootling around in my old banger!