www.iva.co.uk

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Ruby

A lot of my own clients have managed to secure car finance during their IVA's. There have been several companies suggested by Andy and Storm - I am sure one of them will be around later to confirm the web-sites for you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Good Morning Melanie.
Just thinking ahead, as i am sure to need to change
my car in the next 5 years.
How does the finance work?, if you had spare income available to pay monthly for a new car wouldn't it have to go into the iva pot?

Aucto Splendore Resurgo.
(2 down, 58 to go)

Hi Olympic

If you needed to get a new car desperately, as presumably you drive to and from work and would not be able to without transport, you would need to seek your IP's permission to acquire a replacement vehicle. If this meant that you IVA payments had to reduce as a result, it is still in creditors best interests for your IVA to continue, so a variation meeting would beed to be called to agree a reduction in payments. All relatively easy, so long as the IP supports the variation and puts up a good case to creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Melanie.
thanks for the reply, well explained as always.
how would our 'no variation in the first 24 months'
clause have a bearing on proceedings, if i had to change the car within that period.
also, my payments seem quite low compared to others
on here, would creditors accept even less?

Aucto Splendore Resurgo.
(2 down, 58 to go)

Well if I were your IP, I would be putting a variation forward seeing a removal of the "no variation in 24 months" clause!!!

Creditors will consider your circumstances at the time - if that meant lower payments but still a higher return than in bankruptcy, I am sure you would be OK. Creditors generally seem to take little interest in variation reports - although this may change in the future.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

can you have a variation to remove a no variation?
isn't that an oximoron, like plastic glass, military
inteligence and happily married? x

Aucto Splendore Resurgo.
(2 down, 58 to go)

I would be happy to be the first to try it - unfortunately hardly any of the IVA's I am supervising have this modification listed!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

ah well, nice to be unique for something.
too early to worry about things yet, still in the
honeymoon period of no phone calls and no threatening
letters,(although mrs t did have 2 letters from creditors asking for payment last week, both of whom voted yes!), but car will need replacing, lets hope it
can hang on for 2 years.

Aucto Splendore Resurgo.
(2 down, 58 to go)

Hi
Three possible car financing companies
www.advantagefinance.co.uk
www.flexiblecarleasing.co.uk
www.duncton.com
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Thanks Andy,

Does anyone have any experience of any of the above companies?

Hello

Tried Flexibleleasing and they said they can't do anything if you are already in and IVA???????

Any others?

sorry it was advantage finance

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Dunctons are now calle Moneybarn