www.iva.co.uk

My car is likely to die on me sometime soon and was wondering about options when in an IVA. My mum has offered to lend me the money so i can pay her back monthly rather than borrow money but mum doesn't know about my IVA so firstly, is this an option as it is not a company loan although with no interest will save me a heap of money and be able to pay more into my IVA payments? Secondly, if this is possible, would I be able to do this without telling her about my IVA as i know i will have to produce statements, etc for this loan?
Thanks in advance

Hi I would run this by your IP, a lovely Mum you have there, if it doesn't affect your IVA payments then in my opinion it wouldn't hurt, but wait around for a professional opinion or that of your own IP x

Hi
Once you are in your IVA your mum can gift you the money or buy the car for you. You will not be able to pay her back until your IVA is completed.
You will need the permission of your IP if you wanted your mum to actually loan you the money
Regards

I have a very similar problem - although I haven't yet had an IVA approved.
My car (touch wood) has been very reliable for 13 years...but it has done approaching 200,000 miles.
I am not intending to change it (can't afford to of course), but obviously IF it does decide to blow up on me at any stage, I do not really have a contingency plan in place.
Having said that, my very generous dad has often lent me his car when I've been getting my old banger fixed/serviced etc.
He did say that when he gets a new car (if he ever does!)...I could have his old one as long as it's still going.
That's really the only plan I've got in place - but hopefully it won't come to that.
I'm kind of attached to my old banger and I do look after it with regular servicing - so hopefully I will have it for the next 5 years!!

Fingers crossed!

If you could afford to make repayments to your Mum and continue to fund your IVA at the contractual level - perhaps by making economies in other areas of your expenditure - then I would be happy to sanction a loan repayment programme with your mother.