Afternoon knowledgeable people. My partners car will be paid off in the next 6 months, we were allowed to continue the HP payments during the IVA.
My question is whether or not I will be allowed to replace it with another one once it is paid off as it is well past its best and starting to cost us money in repairs etc.
Accepting that getting any finance might be a real challenge, would it be likely to be permitted by an IVA company if the costs were the same and there is no specific clause in the proposal about it?
The HP payments would've been factored into your I&E and usually when the HP has finished, your payments into the Arrangement would increase by the HP amount. These are called stepped payments.
Have you checked your proposal to see what it says?
Our HP payments were factored into our IVA however I changed jobs and was allowed a car on lease through work.
I changed to a different job and was allowed to buy a car on HP again so I would check with your own IP as even though the payments would have been well finished and more money could have been paid in it wasn't due to circumstances.
Saying that we have paid 90% back on an estimated 64% which the creditors agreed due to pay rises and promotion.
If no account was taken about your payments increasing to time with the conclusion of the HP agreement, then I see no reason why your IP would not agree to you taking out another agreement, if you can evidence that the cost of repairs is making the existing vehicle uneconomic. Have you discussed this with them at all?
I've read a few questions similar but I'm still confused how this work's though Melanie?
Can you get HP whilst in an IVA or extend a current agreement if the payments remain the same? Or can you lease a car whilst in an IVA? I never really understood this, I assumed that as we have IVA's or even of you pay it off early our credit score is shot to pieces so we wouldn't even be considered for either? What is the general consensus (I understand agreements differ) is there a specific way that we should approach these companies?
**23'04'14 - IVA Complete F&F Agreed with payments made to date oh and a fat PPI reclaim helped too. Completion Certificate received 23'10'14 ** After a couple of years of waking up and 'surviving' the day I now wake up and 'Live' for the day!!
**Any comments I make are purely my own opinions**
I will call my IP tomorrow to ask them where I stand. I haven't approached them yet as I do quite like to get my ducks in a row first by sounding out peoples opinions or experience here first! We are with PayPlan and they seem to be quite open to discussion which is nice.
There are a few companies which will lend to you whilst in an IVA however the interest rate is high. I'm with moneybarn and hoping to pay them off early due to end of IVA .
