Company car to car allowance

6 posts Page 1 of 1
 
 

loucat1

User avatar
Posts: 6
Joined: Mon Mar 15, 2010 9:40 am
Location: United Kingdom

Post by loucat1 » Wed Jun 23, 2010 3:52 pm
Hi,

I currently have a company car. This schem is being phased out in favour of Car allowance, obviously this does not suit me at all as I cannot see how I can possibly buy a car with an IVA. I have contacted my IVA company and they don't know either and have gone off to check it out. Does anybody else have exeprience of this or any ideas as to how this can be done?. I am not looking to buy a new car but a reasonable second hand car. The car allowance is not additional income but in place of existing car provision. Many thanks in advance.
louise
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Wed Jun 23, 2010 4:12 pm
It may be possible to lease a vehicle or Dunctons come recommended by people on this site. However, the best option may be to get a trusted friend or relative to buy the vehicle in their name and you make the payments. I am sure your IP would not object to this.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

loucat1

User avatar
Posts: 6
Joined: Mon Mar 15, 2010 9:40 am
Location: United Kingdom

Post by loucat1 » Wed Jun 23, 2010 4:19 pm
Michael Peoples wrote:

It may be possible to lease a vehicle or Dunctons come recommended by people on this site. However, the best option may be to get a trusted friend or relative to buy the vehicle in their name and you make the payments. I am sure your IP would not object to this.
Many thanks for your response. I cannot use Dunctons as they require a minimum of £1000 deposit which i do not have. There is nobody in my family who is in a position to take this on my behalf - elderly parents. I certainly do not want to ask a friend to do this. Partner a possibility but reduces his borrowing potential should he need it and he is not very keen to take this on.
louise
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Wed Jun 23, 2010 4:31 pm
It may reduce his borrowing ability should he need it but it would also improve his credit score by taking the loan and paying it back.

Sell it to him that way.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

loucat1

User avatar
Posts: 6
Joined: Mon Mar 15, 2010 9:40 am
Location: United Kingdom

Post by loucat1 » Wed Jun 23, 2010 5:03 pm
Nice idea, however he really does not want to do this.
louise
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Wed Jun 23, 2010 5:34 pm
I really don't see what else you can do in that case loucat.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
6 posts Page 1 of 1
Return to “my car, can I keep it, repairs, etc”