www.iva.co.uk

HI
I am into the third year now of my IVA and unfortunatley my car has broken down and is going to cost a small fortune to fix. IT's pretty old to be honest. I travel 52 miles each way to work so I rely on a car and prefrably a reliable car for work. Would I be able to get a car on finance whilst in the IVA?

It would be difficult and you need to discuss this with your IP. The IP will need to know how you propose to fund the HP even if it can be sourced and instead they may allow a payment break for you to purchase a vehicle which would last the next two years. If you can afofrd the payments it could be an idea to get the finance in a family member's name so have a chat with your IP.

It is possible to get car hire purchase whilst in an IVA, and there are several companies now who are willing to allow this as long as they receive written approval from the Insolvency Practitioner.

It is going to come down to whether or not you can sustain the agreed monthly payments to the Arrangement and afford to pay for a vehicle as well.