Please help, I had my car before I entered Iva they told me it was worth too much so we paid in an additional £1977 to keep the car. Now that car has been written off and I have a settlement figure of £9845 to replace the car. My IP says I can only spend £3000 on a car is this correct?
This all sounds wrong, but will depend on what the £1977 was actually for. I have not heard of a car of this sort of value being too high for an IVA ... and cannot understand this extra payment at all.
Now, this insurance settlement is for a replacementb vehicle and I fail to see how the IP can now dictate the value of another vehicle, especiallyt in light of this mysterious £1977, which, it seems, was to make the car acceptable .... If this is the case then that £1977 also makes the replacement at full value also acceptable.
I would ask the IP for a full, written, explanation. You want it in writing so that, if you challenge this, you can escalate to their regulatory body if they are playing fast and loose.
Might I ask who your provider is ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk