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Posted: Sat Mar 08, 2008 8:40 am
by heidi.k
I have a car which I currently pay for monthly and can be renewed every two years - would getting an iva although not paying the car off affect my abaility to keep renewing my car.
Posted: Sat Mar 08, 2008 8:51 am
by Jinx
Hi Heidi, I believe it would!
If your financing a car it would not necessarily effect your ability to keep the current HP / lease arrangement but at the point at which you changed vehicle a new credit check would be carried out which would flag up a problem.
Can I ask why you change every 2 years? Are they company cars or personal cars? Do you need a brand new car for business use?
Posted: Sat Mar 08, 2008 9:54 am
by carlmcmullen
I have proposed IVA's and made a provision to change the vehicle every two years but it is very rare.
It depends on your circumstances, why do you feel you need to change your car ? Is it a requirement of you employment contract of which you get a car allowance for ? Do you travel alot ? If you were not to take a new car would your company not provide one ?
If the car is not really relevant to your job then dont feel you could propose to keep changing it. The creditors would see this is why you should drive a high value car which you plan to change twice in the IVA and they write of debt - technically funding your car for you
Like i said it is not unknown but i would need to know more about your cicumstances.