DO I NEED IP PERMISSION??

[BECKY]

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.

[Sensible77]

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.

[Adam Davies]

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

[BECKY]

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.

[MelanieGiles]

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

[Sensible77]

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

[iva experts]

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

[iva_squirrel]

Hi becky,

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


Regards,
Michelle P.

[Soulgrowth]

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

[BECKY]

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

[ray_a]

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!

[Shaun9]

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?

[MelanieGiles]

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.