www.iva.co.uk

Im thinking of gettin a car on finance but through my business so the money will come from there and not my i&e. With this having no effect on my ability to meet my iva repayments and with it then essentially being the business's car do I still need ip permission.

You should let your IP know. I've done the same thing as my employer has a staff car leasing scheme. I sold my own car to help pay towards it and it gives me an inclusive set amount to pay each month. I asked my IVA arranger, Payplan, and they confirmed that as long as it would not affect my ability to make my IVA payments, it will be OK to do so. I would recommend getting anything like this in writing for the record. I e-mail all my questions to Payplan so that I have a record of what I have asked and what they have said.

Hi Becky
I think you will because you will be on the proposal,even though your business will be paying it you will be personally liable.If you were a limited company then it would be a different story but from memory you are a sole trader.
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

Well remembered Andy!! im just throwin a few ideas round at the mo because I the car I have at the mo is too expensive to run but the money from the sale of that will have to be used to pay the finance on it.

Hi Becky

Yes you will definately have to get your IP's permission for this, but I am sure that you will not be turned down!

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

To appoint me as your IP visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Oops, I misunderstood business for employer! But the point about getting things in writing is very important.

Hi Becky,

I would definitley contact your I.P to get their permission and insight on this matter. Andy makes a good point that as you are a sole trader you will be liable for this not your business.

Best Regards. IVA Experts

Hi becky,

I agree with the others, you should contact your IP and get his permission to do this.


Regards,
Michelle P.

Rather than taking out a long financial contract have you thought about rental?

I have just had to return my lease car that was acquired through my old business. As I am soon hoping to make a full and final settlement to my creditors which will also see the old business officially dissolved I found myself in the difficult position of what do I do about a car which is essential to my self employment.

The brain wave occurred! I am currently renting a car on an ongoing indefinate period (at the moment i ma making a monthly booking) ... no financial agreement needed, no credit checks all I needed was two forms of ID a driving licence and a major 'credit' card for which i use my Cashplus card ... which is a real Godsend.

It has worked out to being about £50 p.month more than I was paying for a similar vehicle under the lease ... but when you take into account that insurance and road tax are provided, fully maintained etc. etc. ... I am wondering why I ever bought my own car now.

These folks have very competitive rates and are countrywide I think www.thrifty.co.uk

Debbie

Thanks I had a look at them but their a little more expensive than Im lookin at my finance is only £70 a month and I'm looking to stay in that region or less so not to overstretch myself

Yes i had a look at the site and thought the same!

After all we are trying to sort things out not add to the problem!

Hi, I am a director of my Ltd company and my company requires a contract hire vehicle to be used for business only. The vehicle will be taken on my company's name with my name on the proposal form as a director but will have no effect i&e, do I still need my IP's permission?

If you are required to provide a personal guarantee to the contract hire company, then you do need to get your Supervisor's permission - althought this is likely to be a formality so long as the company is financially independent and stable.