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Posted: Tue Apr 12, 2016 10:46 pm
by 12878
Can I borrow money off my parents for a car, my car has died so u need a second hand one to get me through..I intent to pay them back with any overtime I earn..I need a quick answer and asking the IP takes too long and I need a car for work! Help!
Posted: Wed Apr 13, 2016 7:29 am
by Shining
Hi there, I feel the answer would be technically no without the express permission of your IP.
Could you parents buy you the car on the proviso you pay them back after your IVA?
Hang in there as I know you want a quick reply but we'll have some professionals on later who will be best placed to advise.
Posted: Wed Apr 13, 2016 7:56 am
by Foggy
You cannot enter into any credit and borrowing off parents is still credit.
As mentioned above, they could buy it themselves and allow you to drive it. What you do with your share of overtime (remember half has to be paid to the IVA) is, of course, your own business
