www.iva.co.uk

Hello,

PLease help....I am currently in an IVA which has been running smoothly for over a year now, however my 10 year old car has just died and the garage has told me that it will cost more to fix that it is actually worth. My parents may be willing to finance a second hand one for me but I have no spare funds in my current expenditure to pay towards this. I need my car for work/taking the children to school and am at my wits end????

Hi Jan

If your parents are prepared to pay for the car on your behalf, is it not possible for them to simply pay the funds from their account? This would be the best solution so that there could be no confusion about you receiving money as a windfall.

Hi Jan and welcome to the forum.

Your parents can finance a car for you, but would they need paying back straightaway? Could you possibly get a payment break for a few months and buy a cheap car?

Hi James,

Thank you for your speedy response. My parents will probably pay for the car out of their bank account, but will expect me to give them the cash each month to cover the payments. I am concerned that currently I am not in a position to pay anything towards a car, and wondered whether or not my IVA payments could be adjusted?

Jan

Only your ip can answer this as it is at his/her discretion whether to offer a payment break or allow you to take on additional borrowings.

Oh dear, our cars do make us suffer don't they. I really hope you can get this sorted, it really would be a good idea to talk to your IP. obviously this is individual to you and they can give you a better answer.