www.iva.co.uk

I have recently been given a company car for work as my own car never have done the distance in my new job and has so much wrong with it.

The amount i am allocated in car tax,insurance and maintainence is the same as what i will pay in benefits in kind tax through my wages so do i need to let my IP know? (cleverly calculated by Me!)

i am with a big company and every thing that they do takes three months and by that time i has worked myself up in a frenzy. Just had proposal sent for a variation requested in march after a redundancy such a drawn out process that i just want to get on with things now.
There will be no changes whatsoever now i have the company car.Do i need to let them know everything i do?
Many Thanks.

Hi
It's always best to keep your IP in the loop.
If the company car leaves you no better off then your IVA payments will remain unchanged
Regards

Hi Aragorn,
Andy is the expert, but as a relatively new person to this I would say go with his advice and be as honest as you can. You don't want anything comming back to bite you at a later date........
Take care,
Hugs,
Chardonnay

Hi there

I would suggest being honest and tell your IP asap as they will know that your tax will go up as a result of your company car.

I have just chosen a new company car and the value is £3,500 more than my existing company car so I know my tax will be going up and also I am going to lose £60 a month I am being given from work for having a under budget car at the moment.
When I chose this car 2 years ago the budget was a lot less than it is now, but they increased the budget as they will only allow us diesel or hybrid engines no which make the cars more expensive.

If you can show that the tax has increased by the same amount as you were spending on your own car the payments should stay the same.

x

Put it in writing to your IP and inform them of costs prior to and costs now - two columns which clearly show what your agreed I&E was for tax, maintenance, insurance etc and then the other coloumn that shows the tax implications via salary from work- this should then clearly show no change and should make it easy for them to quickly write back to you.

At the end of the day you have no choice on this so your IP will need to work with you on it, otherwise your IVA may be jeopardy if they do not agree the company car!